Investment analysts at Canaccord Genuity Group started coverage on shares of Joby Aviation (NYSE:JOBY - Get Rating) in a research report issued on Friday, Briefing.com reports. The firm set a "buy" rating and a $8.00 price target on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 27.80% from the company's previous close.
Several other research analysts have also recently weighed in on JOBY. Deutsche Bank Aktiengesellschaft cut shares of Joby Aviation from a "hold" rating to a "sell" rating and lowered their price target for the company from $6.00 to $4.00 in a report on Tuesday, March 7th. Morgan Stanley reduced their price objective on shares of Joby Aviation from $11.00 to $10.00 and set an "overweight" rating on the stock in a research note on Monday, February 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $6.50.
Joby Aviation Stock Performance
NYSE:JOBY opened at $6.26 on Friday. The stock's fifty day moving average price is $4.71 and its two-hundred day moving average price is $4.24. Joby Aviation has a 52-week low of $3.15 and a 52-week high of $7.15. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -11.81 and a beta of 1.58.
Joby Aviation (NYSE:JOBY - Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). On average, equities analysts predict that Joby Aviation will post -0.6 EPS for the current fiscal year.
Insider Buying and Selling
In related news, insider Eric Allison sold 18,801 shares of the firm's stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $4.12, for a total value of $77,460.12. Following the completion of the transaction, the insider now directly owns 303,569 shares of the company's stock, valued at approximately $1,250,704.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Joby Aviation news, insider Eric Allison sold 18,801 shares of the stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $4.12, for a total value of $77,460.12. Following the sale, the insider now directly owns 303,569 shares in the company, valued at approximately $1,250,704.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 26,215 shares of the stock in a transaction that occurred on Tuesday, April 4th. The stock was sold at an average price of $4.17, for a total transaction of $109,316.55. Following the completion of the sale, the chief executive officer now owns 511,265 shares in the company, valued at $2,131,975.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,922 shares of company stock valued at $1,132,320. Company insiders own 49.50% of the company's stock.
Institutional Trading of Joby Aviation
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Joby Aviation by 114.5% in the 1st quarter. Vanguard Group Inc. now owns 14,405,592 shares of the company's stock worth $95,365,000 after purchasing an additional 7,691,093 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Joby Aviation during the 1st quarter valued at about $16,408,000. State Street Corp boosted its stake in Joby Aviation by 37.5% during the second quarter. State Street Corp now owns 6,752,316 shares of the company's stock worth $33,154,000 after acquiring an additional 1,840,567 shares in the last quarter. Northern Trust Corp boosted its stake in Joby Aviation by 358.7% during the second quarter. Northern Trust Corp now owns 2,126,271 shares of the company's stock worth $10,440,000 after acquiring an additional 1,662,759 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in Joby Aviation by 50.1% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,240,736 shares of the company's stock worth $18,066,000 after buying an additional 1,416,314 shares during the last quarter. Hedge funds and other institutional investors own 29.14% 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. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.
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