Joby Aviation (NYSE:JOBY) Trading 5% Higher – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) traded up 5% on Friday . The stock traded as high as $11.25 and last traded at $10.9240. 35,723,908 shares were traded during mid-day trading, an increase of 29% from the average session volume of 27,642,625 shares. The stock had previously closed at $10.40.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Wednesday, May 6th. Morgan Stanley reduced their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Finally, Canaccord Genuity Group cut their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Reduce” and an average target price of $13.06.

Joby Aviation Price Performance

The business has a 50-day simple moving average of $9.30 and a 200 day simple moving average of $11.79. The firm has a market cap of $10.75 billion, a P/E ratio of -9.50 and a beta of 2.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating 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 business had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. During the same quarter in the prior year, the company posted ($0.11) EPS. On average, analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Allison sold 74,844 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total value of $748,440.00. Following the sale, the insider owned 676,008 shares in the company, valued at $6,760,080. This represents a 9.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gregory Bowles sold 4,720 shares of the company’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $8.76, for a total value of $41,347.20. Following the completion of the sale, the insider owned 178,470 shares in the company, valued at $1,563,397.20. The trade was a 2.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,096,111 shares of company stock worth $10,504,153 over the last three months. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its stake in Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after purchasing an additional 1,348 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Joby Aviation during the 4th quarter valued at $28,000. Strategic Advocates LLC purchased a new stake in Joby Aviation during the 3rd quarter valued at $29,000. Finally, Pandora Wealth Inc. purchased a new stake in Joby Aviation during the 4th quarter valued at $32,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.