Joby Aviation (NYSE:JOBY) Shares Up 7.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shot up 7.3% during mid-day trading on Thursday . The company traded as high as $12.48 and last traded at $12.3150. 38,229,919 shares were traded during trading, an increase of 37% from the average session volume of 27,974,270 shares. The stock had previously closed at $11.48.

Analysts Set New Price Targets

A number of research firms recently issued reports on JOBY. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Canaccord Genuity Group lowered their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, JPMorgan Chase & Co. lowered their target price on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $13.06.

Joby Aviation Trading Up 7.3%

The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The business has a 50-day simple moving average of $9.40 and a two-hundred day simple moving average of $11.68. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of -10.71 and a beta of 2.61.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The firm had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. During the same quarter in the prior year, the firm posted ($0.11) EPS. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Activity

In other Joby Aviation news, insider Bonny W. Simi sold 7,696 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $8.15, for a total transaction of $62,722.40. Following the completion of the transaction, the insider owned 217,475 shares of the company’s stock, valued at $1,772,421.25. This represents a 3.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joeben Bevirt sold 421,019 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the transaction, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,089,118 shares of company stock worth $10,449,476. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in JOBY. Fifth Third Bancorp boosted its holdings in shares of 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 during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after buying an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $28,000. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $29,000. Finally, Pandora Wealth Inc. acquired a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

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.