Joby Aviation’s (JOBY) Buy Rating Reaffirmed at HC Wainwright

Joby Aviation (NYSE:JOBY)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They presently have a $9.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 9.22% from the stock’s current price.

JOBY has been the topic of several other reports. Needham & Company LLC started coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Joby Aviation presently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

Shares of JOBY opened at $8.24 on Wednesday. Joby Aviation has a fifty-two week low of $4.50 and a fifty-two week high of $9.33. The company has a market capitalization of $6.30 billion, a P/E ratio of -11.77 and a beta of 2.32. The business’s 50-day moving average is $6.50 and its two-hundred day moving average is $5.76.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the prior year, the business posted ($0.13) EPS. Analysts forecast that Joby Aviation will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the transaction, the insider now owns 18,035 shares in the company, valued at approximately $92,699.90. This trade represents a 59.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. The trade was a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 535,506 shares of company stock worth $2,759,533. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Larson Financial Group LLC grew its position in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after purchasing an additional 5,840 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Joby Aviation during the 3rd quarter worth $51,000. Sound Income Strategies LLC increased its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Dakota Wealth Management purchased a new stake in Joby Aviation in the 2nd quarter valued at about $56,000. Hedge funds and other institutional investors own 52.85% 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.