Cantor Fitzgerald Reiterates Overweight Rating for Joby Aviation

Investment analysts at Cantor Fitzgerald have reaffirmed their "overweight" rating for Joby Aviation Inc. (NYSE: JOBY) in a recent report released to investors on Thursday. Furthermore, they have set a target price of $9.00 for the company's shares. This target implies a potential upside of approximately 26.83% based on the company's previous closing price.

Other analysts have also provided feedback on Joby Aviation's stock. HC Wainwright also reissued a "buy" rating with a target price of $9.00 on the same day. Meanwhile, JPMorgan Chase & Co. has decreased its target price from $6.00 down to $5.00, assigning an "underweight" rating to the stock. On a more positive note, Needham & Company LLC reaffirmed a "buy" rating with a new price target of $10.00, while Canaccord Genuity Group raised their target from $9.75 to $11.50, giving the stock a "buy" rating as well. Overall, one analyst has suggested a sell rating, and four others have classified it as a buy. According to information from MarketBeat.com, the average rating for the stock is currently "Moderate Buy," with an average target price of $8.90.

Joby Aviation's Stock Performance

On Thursday, shares of Joby Aviation traded up 5.9%, gaining $0.40 and reaching a price of $7.10. A total of 7,751,269 shares were exchanged, a notable number compared to its average trading volume of 13,400,521 shares. The stock has a 52-week low of $4.50 and a high of $10.72, with its fifty-day simple moving average at $8.17 and a 200-day simple moving average at $6.71. The company's market capitalization stands at $5.43 billion, with a price-to-earnings (PE) ratio of -10.11, and a beta of 2.33, indicating moderate volatility.

Insider Trading Activity

In related news, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation on Monday, December 16th, at an average price of $7.65, totaling approximately $45,938.25 from the sale. Following this transaction, Papadopoulos now holds 54,776 shares valued at around $419,036.40, marking a 9.88% decrease in their ownership position. Another insider, Director Paul Cahill Sciarra, sold 333,334 shares on February 3rd, with a transaction value of about $2,673,338.68. Following this sale, Sciarra owns 58,661,395 shares estimated at roughly $470,464,387.90, which reflects a 0.57% decrease in their stake. In the last three months, insiders have sold a total of 1,018,699 shares worth $8,628,124, with corporate insiders currently owning 32.40% of the stock.

Institutional Investor Activity

Several institutional investors and hedge funds have recently traded shares of Joby Aviation. Intech Investment Management LLC acquired a new position during the third quarter, investing 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 after acquiring an additional 350,000 shares. Fred Alger Management LLC purchased 123,368 shares in the third quarter, bringing its total to 621,000. Other notable transactions include Hamilton Lane Advisors LLC, which took a new position in Joby Aviation valued at $418,000, and Entropy Technologies LP, which also opened a new position worth about $300,000. Collectively, institutional investors and hedge funds own around 52.85% of the company's shares.

About Joby Aviation

Joby Aviation is a vertically integrated air mobility company focused on developing electric vertical takeoff and landing aircraft optimized for air transportation services. The company aims to provide an aerial ridesharing service and is also working on creating an app-based platform that will allow consumers to book rides.

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