Joby Aviation (NYSE:JOBY) Trading 1% Higher – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price rose 1% during trading on Friday . The stock traded as high as $8.02 and last traded at $7.71. Approximately 5,451,181 shares traded hands during trading, a decline of 36% from the average daily volume of 8,473,871 shares. The stock had previously closed at $7.63.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group reduced their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The stock’s 50-day simple moving average is $6.37 and its 200 day simple moving average is $5.68. The company has a market cap of $5.91 billion, a PE ratio of -11.01 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the sale, the director now directly owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This trade represents a 0.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the sale, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 535,526 shares of company stock valued at $2,745,708 in the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently modified their holdings of the stock. Intech Investment Management LLC purchased a new position in Joby Aviation in the third quarter valued at approximately $518,000. Fred Alger Management LLC raised its stake in shares of Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after purchasing an additional 58,229 shares during the period. Caprock Group LLC raised its stake in shares of Joby Aviation by 179.5% during the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after purchasing an additional 79,896 shares during the period. Susquehanna Fundamental Investments LLC raised its stake in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the period. Finally, Holocene Advisors LP raised its stake in shares of Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after purchasing an additional 249,375 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.