Joby Aviation (NYSE:JOBY) Trading 5.3% Higher – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 5.3% during trading on Wednesday . The stock traded as high as $6.83 and last traded at $6.85. 3,218,549 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 13,183,083 shares. The stock had previously closed at $6.50.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on JOBY shares. Canaccord Genuity Group lifted their price target on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC increased their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their price objective for the company from $5.00 to $6.00 in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Price Performance

The company’s 50-day moving average is $8.19 and its two-hundred day moving average is $6.71. The company has a market cap of $5.11 billion, a P/E ratio of -9.61 and a beta of 2.33.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares in the company, valued at $419,036.40. This trade represents a 9.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kate Dehoff sold 6,903 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $51,289.29. Following the completion of the sale, the insider now owns 202,276 shares of the company’s stock, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,018,699 shares of company stock worth $8,628,124 over the last ninety days. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bouvel Investment Partners LLC raised its holdings in Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock worth $1,007,000 after purchasing an additional 1,715 shares during the period. NewEdge Advisors LLC increased its position in shares of Joby Aviation by 9.9% in the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock valued at $175,000 after buying an additional 1,935 shares in the last quarter. Gallagher Fiduciary Advisors LLC raised its stake in shares of Joby Aviation by 3.1% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock worth $543,000 after buying an additional 2,000 shares during the period. Private Advisor Group LLC lifted its position in shares of Joby Aviation by 6.6% during the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after buying an additional 2,261 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in Joby Aviation by 35.3% in the 4th quarter. Larson Financial Group LLC now owns 9,864 shares of the company’s stock valued at $80,000 after acquiring an additional 2,574 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.