Joby Aviation (NYSE:JOBY) Price Target Raised to $10.00

Joby Aviation (NYSE:JOBY) had its price target upped by analysts at Needham & Company LLC from $8.00 to $10.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 28.21% from the stock’s current price.

JOBY has been the subject of several other reports. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Canaccord Genuity Group upped their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $5.00 to $6.00 in a research note on Friday. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Down 2.0 %

Joby Aviation stock traded down $0.16 during mid-day trading on Tuesday, hitting $7.80. The company’s stock had a trading volume of 7,047,495 shares, compared to its average volume of 19,035,545. Joby Aviation has a twelve month low of $4.50 and a twelve month high of $10.72. The stock has a market capitalization of $5.97 billion, a P/E ratio of -11.14 and a beta of 2.33. The stock’s fifty day moving average price is $7.70 and its two-hundred day moving average price is $6.24.

Joby Aviation (NYSE:JOBY) last posted 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 return on equity of 51.76% and a negative net margin of 42,844.57%. The company 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) earnings per share. Equities analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,343 shares of company stock valued at $3,022,680 in the last 90 days. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Ieq Capital LLC boosted its stake in Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares during the period. State Street Corp boosted its position in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after buying an additional 812,248 shares during the period. Geode Capital Management LLC grew its holdings in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its position in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the last quarter. Finally, Holocene Advisors LP lifted its stake in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after acquiring an additional 249,375 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.