Joby Aviation (NYSE:JOBY) Lifted to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Joby Aviation (NYSE:JOBY) from an underweight rating to a neutral rating in a research note published on Friday morning, Marketbeat Ratings reports. They currently have $5.00 target price on the stock.

Joby Aviation Stock Performance

JOBY stock opened at $5.38 on Friday. The firm’s 50-day moving average price is $5.12 and its two-hundred day moving average price is $5.72. Joby Aviation has a 12-month low of $4.06 and a 12-month high of $11.98. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -6.64 and a beta of 2.04.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.02. The firm had revenue of $1.03 million during the quarter, compared to analysts’ expectations of $1.50 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. Equities analysts predict that Joby Aviation will post -0.72 EPS for the current year.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 5,757 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $6.03, for a total transaction of $34,714.71. Following the transaction, the chief executive officer now owns 604,437 shares in the company, valued at $3,644,755.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Didier Papadopoulos sold 11,362 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $4.96, for a total value of $56,355.52. Following the transaction, the insider now owns 68,278 shares in the company, valued at $338,658.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joeben Bevirt sold 5,757 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $6.03, for a total transaction of $34,714.71. Following the completion of the transaction, the chief executive officer now owns 604,437 shares in the company, valued at approximately $3,644,755.11. The disclosure for this sale can be found here. Insiders have sold 550,832 shares of company stock worth $2,822,382 over the last 90 days. 49.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in JOBY. Baillie Gifford & Co. lifted its position in Joby Aviation by 10.3% during the fourth quarter. Baillie Gifford & Co. now owns 56,320,441 shares of the company’s stock valued at $374,531,000 after purchasing an additional 5,267,436 shares during the period. Vanguard Group Inc. lifted its position in Joby Aviation by 20.6% during the third quarter. Vanguard Group Inc. now owns 34,130,744 shares of the company’s stock valued at $220,143,000 after purchasing an additional 5,819,837 shares during the period. 8VC GP I LLC bought a new position in Joby Aviation during the fourth quarter valued at approximately $95,727,000. Charles Schwab Investment Management Inc. lifted its position in Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company’s stock valued at $25,394,000 after purchasing an additional 64,404 shares during the period. Finally, ARK Investment Management LLC lifted its position in Joby Aviation by 7.2% during the fourth quarter. ARK Investment Management LLC now owns 3,404,900 shares of the company’s stock valued at $22,643,000 after purchasing an additional 227,331 shares during the period. Institutional investors own 45.54% 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.