Joby Aviation (NYSE:JOBY) Shares Gap Up - Should You Buy?

Joby Aviation, Inc. (NYSE:JOBY) saw a notable price change as its shares gapped up prior to trading on Thursday. The stock, which had closed the previous day at $6.70, opened significantly higher at $7.09. At the close of trading on that day, Joby Aviation shares were last priced at $6.74, with a trading volume of 2,554,487 shares.

Wall Street Analyst Opinions

Several research firms have recently provided their insights on JOBY. Cantor Fitzgerald reiterated an "overweight" rating and set a target price of $9.00 for Joby Aviation shares in a note released on Thursday. Similarly, Needham & Company LLC also maintained a "buy" rating, adjusting their target price to $10.00. Earlier, on January 8th, Canaccord Genuity Group raised their price target from $9.75 to $11.50, while restating a "buy" recommendation. HC Wainwright confirmed a "buy" rating for Joby Aviation and set a price objective of $9.00 on Thursday. Conversely, JPMorgan Chase & Co. downgraded its rating, lowering the target price from $6.00 to $5.00, marking an "underweight" stance on the stock. Among analysts, one has rated the stock as a sell, whereas four have assigned it a buy rating. According to MarketBeat's data, Joby Aviation has a consensus rating of "Moderate Buy" and an average price target of $8.90.

Joby Aviation Trading Performance

In terms of trading metrics, Joby Aviation has experienced a 2.1% increase recently. The stock is classified as a small-cap with a market capitalization of $5.24 billion. Its 50-day moving average stands at $8.17, while the 200-day moving average is at $6.71. The company's price-to-earnings ratio is currently at -9.80, indicating it is not yet profitable, and it has a beta of 2.33, suggesting it is more volatile than the market.

Insider Trading Activity

In related news, notable insider transactions have occurred within Joby Aviation. Didier Papadopoulos, an insider, sold 7,692 shares on Monday, January 6th, at an average price of $10.00, totaling $76,920. This sale reduced their ownership stake by 13.13%. Currently, Papadopoulos holds 50,902 shares valued at approximately $509,020. Additionally, on January 17th, another insider, Bonny W. Simi, sold 31,489 shares at an average price of $8.33 for about $262,303. Following this transaction, Simi retains 137,097 shares worth around $1,142,018. Over the past 90 days, insiders have sold a total of 1,018,699 shares of the company, amounting to about $8,628,124. Insiders hold roughly 32.40% of the stock.

Hedge Fund Activities

Institutional interests in Joby Aviation have also shifted recently. Intech Investment Management LLC made a new investment in Joby Aviation during the third quarter, amounting to approximately $518,000. Rheos Capital Works Inc. increased its stake by 17.0% in the fourth quarter, now holding 2,405,000 shares valued at $19,553,000. Fred Alger Management LLC grew its position by 89.4% in the third quarter, acquiring an additional 58,229 shares for a total of 123,368 shares currently worth $621,000. Meanwhile, Hamilton Lane Advisors LLC also established a new stake in Joby Aviation worth roughly $418,000. Institutional investors and hedge funds now collectively own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation, Inc. is a vertically integrated air mobility company focused on developing an electric vertical takeoff and landing (eVTOL) aircraft. The company's vision includes creating an aerial ridesharing service and developing a mobile application that will allow consumers to book flights seamlessly.

Investment Considerations

Before deciding whether to invest in Joby Aviation, it's essential to analyze the broader market and alternatives thoroughly. Currently, while analysts provide a "Moderate Buy" rating for Joby, some suggest that there are other more favorable investment opportunities available. Understanding the overall market sentiment can help guide investment choices effectively.

Joby, Aviation, Stocks