Joby Aviation (NYSE:JOBY) Shares Up 2.7% – Still a Buy?

Joby Aviation, Inc. (NYSE:JOBY) shares shot up 2.7% on Thursday . The stock traded as high as $8.51 and last traded at $8.4960. 23,276,176 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 27,340,619 shares. The stock had previously closed at $8.27.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on JOBY shares. JPMorgan Chase & Co. dropped their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Oppenheimer set a $18.00 target price on Joby Aviation in a research report on Thursday, February 26th. Needham & Company LLC cut their price target on Joby Aviation to $18.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Stock Up 2.7%

The business’s 50-day moving average price is $10.15 and its 200 day moving average price is $13.50. The company has a market capitalization of $7.75 billion, a P/E ratio of -7.45 and a beta of 2.68.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million for the quarter, compared to the consensus estimate of $16.88 million. During the same period last year, the company posted ($0.34) EPS. The business’s revenue was up 5506.5% on a year-over-year basis. Analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, insider Didier Papadopoulos sold 11,650 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $13.51, for a total value of $157,391.50. Following the sale, the insider owned 120,147 shares in the company, valued at approximately $1,623,185.97. This trade represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 507,182 shares of Joby Aviation stock in a transaction on Monday, February 9th. The shares were sold at an average price of $10.62, for a total value of $5,386,272.84. Following the sale, the chief executive officer directly owned 31,997,802 shares of the company’s stock, valued at $339,816,657.24. This represents a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,453,920 shares of company stock valued at $15,781,396. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Creek Drive Management Group LLC bought a new position in shares of Joby Aviation in the fourth quarter worth approximately $2,072,000. Rockefeller Capital Management L.P. lifted its position in Joby Aviation by 20.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 84,308 shares of the company’s stock valued at $1,113,000 after purchasing an additional 14,469 shares during the last quarter. World Investment Advisors purchased a new position in Joby Aviation in the 4th quarter worth approximately $576,000. Corient Private Wealth LLC grew its stake in Joby Aviation by 34.8% in the 4th quarter. Corient Private Wealth LLC now owns 38,953 shares of the company’s stock worth $514,000 after buying an additional 10,059 shares in the last quarter. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Joby Aviation in the 4th quarter worth $28,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.