Joby Aviation (NYSE:JOBY) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Joby Aviation (NYSE:JOBY) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $8.00 price objective on the stock.

Several other equities research analysts have also recently commented on JOBY. JPMorgan Chase & Co. cut their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

Shares of JOBY opened at $6.79 on Tuesday. The firm’s 50 day moving average price is $5.48 and its two-hundred day moving average price is $5.35. Joby Aviation has a twelve month low of $4.50 and a twelve month high of $7.69. The firm has a market cap of $5.20 billion, a P/E ratio of -9.46 and a beta of 1.97.

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

Insider Buying and Selling

In related news, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Matthew Field sold 5,643 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $5.96, for a total value of $33,632.28. Following the transaction, the insider now owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 525,499 shares of company stock worth $2,667,151. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC increased its holdings in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after purchasing an additional 5,840 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Joby Aviation during the third quarter valued at about $51,000. Sound Income Strategies LLC grew its holdings in shares of Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC bought a new position in Joby Aviation in the 2nd quarter valued at approximately $54,000. 45.54% of the stock is currently owned by institutional investors.

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.