Cantor Fitzgerald Reiterates “Overweight” Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $9.00 target price on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 28.66% from the company’s current price.

Several other brokerages also recently weighed in on JOBY. Canaccord Genuity Group boosted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Thursday. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Thursday. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Trading Up 3.6 %

JOBY opened at $7.00 on Thursday. Joby Aviation has a 12 month low of $4.50 and a 12 month high of $10.72. The business’s 50-day moving average price is $8.14 and its 200-day moving average price is $6.72. The company has a market cap of $5.35 billion, a P/E ratio of -9.99 and a beta of 2.33.

Insider Activity at Joby Aviation

In other news, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. This represents a 3.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now owns 58,994,729 shares in the company, valued at $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. 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 quarter. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. purchased a new stake in shares of Joby Aviation in the 4th quarter worth about $38,000. Allworth Financial LP boosted its stake in Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after acquiring an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation in the fourth quarter worth about $41,000. Toronto Dominion Bank bought a new position in shares of Joby Aviation during the fourth quarter valued at approximately $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in shares of Joby Aviation during the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.