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

Needham & Company LLC started coverage on shares of Joby Aviation (NYSE:JOBY) in a research report sent to investors on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $8.00 price objective on the stock.

A number of other research analysts also recently issued reports on JOBY. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Canaccord Genuity Group dropped their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. One research 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 currently has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

NYSE:JOBY opened at $6.79 on Tuesday. Joby Aviation has a 52 week low of $4.50 and a 52 week high of $7.69. The firm’s fifty day moving average is $5.48 and its 200-day moving average is $5.35. 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 quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, sell-side analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares in the company, valued at $253,036.42. This represents a 11.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Matthew Field sold 5,643 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the transaction, the insider now directly owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock valued at $2,667,151 over the last ninety days. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

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