JPMorgan Chase & Co. Cuts Joby Aviation (NYSE:JOBY) Price Target to $5.00

Joby Aviation (NYSE:JOBY) had its price target reduced by JPMorgan Chase & Co. from $6.00 to $5.00 in a research report report published on Thursday morning,Benzinga reports. They currently have an underweight rating on the stock.

Several other brokerages have also issued reports on JOBY. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a research note on Thursday. Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Performance

JOBY opened at $7.00 on Thursday. Joby Aviation has a fifty-two week low of $4.50 and a fifty-two week high of $10.72. The firm has a 50-day moving average of $8.14 and a 200 day moving average of $6.73. The firm has a market cap of $5.35 billion, a P/E ratio of -9.99 and a beta of 2.33.

Insider Buying and Selling

In related news, insider Kate Dehoff sold 6,903 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $51,289.29. Following the sale, the insider now directly owns 202,276 shares in the company, valued at approximately $1,502,910.68. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,018,699 shares of company stock valued at $8,628,124. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Creative Planning grew its stake in Joby Aviation by 86.2% during the third quarter. Creative Planning now owns 55,446 shares of the company’s stock valued at $279,000 after acquiring an additional 25,672 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Joby Aviation by 45.3% in the 3rd quarter. Private Advisor Group LLC now owns 34,513 shares of the company’s stock valued at $174,000 after purchasing an additional 10,765 shares during the period. International Assets Investment Management LLC grew its position in shares of Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after purchasing an additional 9,188 shares in the last quarter. Fullcircle Wealth LLC increased its holdings in shares of Joby Aviation by 40.0% in the third quarter. Fullcircle Wealth LLC now owns 21,000 shares of the company’s stock worth $111,000 after purchasing an additional 6,000 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Joby Aviation by 15.0% in the third quarter. Janney Montgomery Scott LLC now owns 266,882 shares of the company’s stock worth $1,342,000 after buying an additional 34,866 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors.

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.