Joby Aviation (NYSE:JOBY) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Joby Aviation (NYSE:JOBY) from an underweight rating to a neutral rating in a report published on Friday, MarketBeat reports. They currently have $5.00 price objective on the stock.

Joby Aviation Stock Performance

NYSE:JOBY opened at $5.53 on Friday. The stock has a 50-day simple moving average of $5.13 and a two-hundred day simple moving average of $5.71. Joby Aviation has a 52-week low of $4.25 and a 52-week high of $11.98. The firm has a market capitalization of $3.88 billion, a PE ratio of -6.82 and a beta of 2.04.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.02. The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $1.50 million. During the same period last year, the company earned ($0.14) EPS. Equities analysts forecast that Joby Aviation will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, insider Matthew Field sold 12,500 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $5.50, for a total transaction of $68,750.00. Following the completion of the transaction, the insider now directly owns 232,506 shares of the company’s stock, valued at $1,278,783. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Matthew Field sold 12,500 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $5.50, for a total transaction of $68,750.00. Following the completion of the transaction, the insider now directly owns 232,506 shares of the company’s stock, valued at $1,278,783. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $5.18, for a total value of $1,295,000.00. Following the transaction, the chief executive officer now directly owns 32,774,274 shares of the company’s stock, valued at $169,770,739.32. The disclosure for this sale can be found here. Insiders sold a total of 550,832 shares of company stock valued at $2,822,382 over the last 90 days. Company insiders own 49.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC raised its position in Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after purchasing an additional 92,508 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Joby Aviation by 215.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock valued at $1,965,000 after purchasing an additional 270,794 shares during the period. Caprock Group LLC purchased a new stake in Joby Aviation during the first quarter valued at approximately $239,000. Lingotto Investment Management LLP raised its position in Joby Aviation by 129.8% during the fourth quarter. Lingotto Investment Management LLP now owns 2,088,980 shares of the company’s stock valued at $13,892,000 after purchasing an additional 1,180,000 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new stake in Joby Aviation during the fourth quarter valued at approximately $115,000. 45.54% of the stock is currently owned by hedge funds and other 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.