Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares saw unusually-high trading volume on Monday . Approximately 16,609,605 shares were traded during mid-day trading, an increase of 106% from the previous session’s volume of 8,076,894 shares.The stock last traded at $8.15 and had previously closed at $8.95.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. Canaccord Genuity Group lowered their price objective 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Trading Down 11.2 %

The stock’s 50-day moving average is $5.84 and its 200-day moving average is $5.48. The firm has a market capitalization of $6.08 billion, a price-to-earnings ratio of -11.57 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last released 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 company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the company earned ($0.13) earnings per share. On average, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 26,775 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the transaction, the insider now directly owns 18,035 shares of the company’s stock, valued at $92,699.90. This represents a 59.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the transaction, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Intech Investment Management LLC bought a new position in shares of Joby Aviation in the third quarter valued at $518,000. Caprock Group LLC raised its holdings in shares of Joby Aviation by 179.5% in the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock valued at $626,000 after purchasing an additional 79,896 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in shares of Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Fred Alger Management LLC raised its holdings in shares of Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after purchasing an additional 58,229 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Joby Aviation by 26.7% in the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the last quarter. 45.54% of the stock is owned by institutional investors.

Joby Aviation Company Profile

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.