Joby Aviation (NYSE:JOBY) Stock Price Up 1.7% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares traded up 1.7% during mid-day trading on Thursday . The stock traded as high as $9.94 and last traded at $9.7050. 17,733,473 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 28,105,279 shares. The stock had previously closed at $9.54.

Analyst Ratings Changes

JOBY has been the subject of several recent analyst reports. The Goldman Sachs Group started coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Canaccord Genuity Group reissued a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Finally, Oppenheimer set a $18.00 price target on Joby Aviation in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $13.81.

Joby Aviation Stock Performance

The stock’s 50-day moving average price is $11.42 and its 200-day moving average price is $13.84. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of -8.51 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. The business’s revenue was up 5506.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. Analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 28,260 shares of Joby Aviation stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at $2,198,711.68. The trade was a 15.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 507,182 shares of the business’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $10.62, for a total transaction of $5,386,272.84. Following the completion of the sale, the chief executive officer owned 31,997,802 shares in the company, valued at $339,816,657.24. This represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,486,368 shares of company stock worth $16,211,332. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Fifth Third Bancorp lifted its stake in Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after buying an additional 1,348 shares in the last quarter. Asset Planning Inc increased its position in Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after acquiring an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Joby Aviation in the fourth quarter worth $28,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Joby Aviation in the third quarter valued at $29,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.