Joby Aviation (NYSE: JOBY) Sees Unusually-High Trading Volume - What's Next?

On Monday, shares of Joby Aviation, Inc. (NYSE: JOBY) experienced a significant increase in trading volume. During the trading session, a total of 5,365,316 shares were exchanged. This marks a 37% decline from the previous session, where 8,501,820 shares were traded. At the end of the day, the stock was priced at $7.59, down from its previous close of $7.78.

Analysts Set New Price Targets

Analysts have recently adjusted their price targets for Joby Aviation. Canaccord Genuity Group reduced its target from $10.50 to $9.75 while maintaining a "buy" rating on the stock in a report released on October 29th. Additionally, Needham & Company LLC began coverage of Joby Aviation with a "buy" rating and a target price of $8.00 on November 19th. HC Wainwright reiterated its "buy" rating with a price target of $9.00 in a report published on October 2nd. Meanwhile, JPMorgan Chase & Co. lowered their price target from $6.00 to $5.00 and set a "neutral" rating on October 29th. Cantor Fitzgerald also reaffirmed an "overweight" rating with a target price set at $10.00 on September 30th. As it stands, one analyst has issued a "hold" rating while four analysts have given Joby Aviation a "buy" rating. According to MarketBeat.com data, the stock holds a consensus rating of "Moderate Buy" with a consensus price target of $8.35.

Joby Aviation Stock Performance

In terms of stock performance, Joby Aviation has shown a slight increase of 2.4%. The company's market capitalization is currently $6.10 billion, and it has a negative P/E ratio of -10.97 along with a beta of 2.32. Joby Aviation’s 50-day simple moving average is $6.41, while its 200-day simple moving average stands at $5.71.

Joby Aviation recently disclosed its quarterly earnings on November 6th, reporting an earnings per share (EPS) of ($0.21). This was below analysts' expected EPS of ($0.19). The company reported a staggering negative net margin of 42,844.57% and a negative return on equity of 51.76%. Revenue for the quarter was $0.28 million, exceeding the anticipated $0.06 million. In the same quarter of the previous year, the company's EPS was reported at ($0.13). Analysts forecast that Joby Aviation, Inc. will post an EPS of -0.69 for the current fiscal year.

Insider Trading Activities

In related news, there have been some notable insider trading activities at Joby Aviation. Director Paul Cahill Sciarra sold 166,666 shares on September 30th at an average price of $5.15, resulting in a total transaction value of $858,329.90. After this sale, he still owns around 59,828,059 shares valued at approximately $308,114,503.85, representing a 0.28% decrease in ownership. Another insider, Gregory Bowles, sold 26,775 shares on September 23rd at an average price of $5.14, totaling $137,623.50. After this transaction, Bowles now holds 18,035 shares valued at $92,699.90, which is a 59.75% decrease in ownership. In total, insiders have sold 529,501 shares worth $2,713,595 over the past three months, and insiders currently own 32.40% of the stock.

Institutional Investment Changes

Recently, several hedge funds have altered their positions in JOBY. For instance, Larson Financial Group LLC increased its holdings by 218.3% in the third quarter, now owning 7,290 shares valued at $37,000 after purchasing an additional 5,000 shares. Similarly, Nisa Investment Advisors LLC raised its stake by 216.3% in the second quarter, owning 8,540 shares valued at $44,000. Empowered Funds LLC acquired new shares valued at $51,000 during the third quarter. Sound Income Strategies LLC saw a dramatic 3,311.3% increase in holdings, owning 10,302 shares valued at $52,000 after adding 10,000 shares. Dakota Wealth Management also bought new shares during the second quarter, valued at $56,000. Currently, hedge funds and other institutional investors hold 52.85% of the stock.

About Joby Aviation

Joby Aviation, Inc. is a company focused on electric air mobility. They are dedicated to designing and producing electric vertical takeoff and landing aircraft, with the objective of offering air transportation as a service. Joby aims to create an aerial ridesharing service while also developing an app-based platform that enables users to book rides conveniently.

Joby, Aviation, Stocks