Joby Aviation (NYSE:JOBY) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Joby Aviation (NYSE:JOBY) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Joby Aviation Inc. is involved in developing all-electric aircraft for aerial ridesharing. Joby Aviation Inc., formerly known as Reinvent Technology Partners, is based in SANTA CRUZ, Calif. “

Separately, Morgan Stanley assumed coverage on shares of Joby Aviation in a report on Thursday, September 23rd. They issued an overweight rating and a $16.00 target price for the company.

NYSE JOBY opened at $5.71 on Wednesday. Joby Aviation has a 52 week low of $5.56 and a 52 week high of $17.00. The company’s 50-day simple moving average is $7.56.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Thursday, November 11th. The company reported ($0.17) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by ($0.14). As a group, sell-side analysts expect that Joby Aviation will post -0.52 earnings per share for the current fiscal year.

In related news, CEO Joeben Bevirt purchased 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 15th. The shares were bought at an average price of $6.29 per share, for a total transaction of $251,600.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra purchased 155,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 15th. The shares were bought at an average price of $6.32 per share, for a total transaction of $979,600.00. The disclosure for this purchase can be found here.

Hedge funds have recently added to or reduced their stakes in the business. Intel Corp purchased a new position in shares of Joby Aviation during the third quarter valued at $463,170,000. Baillie Gifford & Co. purchased a new position in shares of Joby Aviation during the third quarter valued at $77,233,000. Slate Path Capital LP purchased a new position in shares of Joby Aviation during the third quarter valued at $35,210,000. Invesco Ltd. bought a new stake in Joby Aviation during the third quarter valued at about $30,228,000. Finally, Geode Capital Management LLC bought a new stake in Joby Aviation during the third quarter valued at about $21,644,000. Institutional investors and hedge funds own 38.17% of the company’s stock.

About Joby Aviation

Reinvent Technology Partners entered into a definitive business combination agreement with Joby Aviation.

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