The Vanguard Group, Inc. recently announced the acquisition of new stake in Joby Aviation Inc. (NYSE:JOBY). The institutional investor has increased its shareholding in the Industrials company by 17.92% to 23.9 million shares with purchase of 3.63 million shares. This fresh investment now brings its stake to 3.84% valued currently at $112.34 million. In addition, BlackRock Fund Advisors raised its holdings by 1.35 million to 15.74 million shares. And Baillie Gifford & Co. has lifted its position by 0.01% or 449.0 shares – to 7.69 million shares.
With over 2.97 million Joby Aviation Inc. (JOBY) shares trading Friday and a closing price of $3.96 on the day, the dollar volume was approximately $11.75 million. The shares have shown a negative half year performance of -27.61% and its price on 03/10/23 lost nearly -1.49%. Currently, there are 609.80M common shares owned by the public and among those 365.35M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for JOBY have a consensus price objective of $7.67. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $4.00. The average price target is 42.44% above its recent price level and an upside to the estimated low will see the stock gain 1.0% over that period. But an upside of 60.4% will see the stock hit the forecast high price target while median target price for the stock is $9.00.
Insiders at the company have transacted a total of 119 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 80 of these insider trades were purchases, accounting for 8,067,126 shares. Insider sales of the common stock occurred on 39 occasions, with total insider shares sold totaling 6,195,859 shares.
The top 3 mutual fund holders in Joby Aviation Inc. are Vanguard Total Stock Market Index, Scottish Mortgage Investment Trus, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 7.65 million shares of the company’s stock, all valued at over $35.95 million. Vanguard Small Cap Index Fund bought 35242.0 shares to bring its total holdings to over 6.44 million shares at a value of $30.29 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.04% of the shares outstanding.
However, the script later moved the day high at 4.1100, down -1.49%. The company’s stock has a 5-day price change of -13.16% and 13.14% over the past three months. JOBY shares are trading 18.21% year to date (YTD), with the 12-month market performance down to -19.18% lower. It has a 12-month low price of $3.15 and touched a high of $7.15 over the same period. JOBY has an average intraday trading volume of 3.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.67%, -4.16%, and -15.83% respectively.
Institutional ownership of Joby Aviation Inc. (NYSE: JOBY) shares accounts for 28.40% of the company’s 609.80M shares outstanding. Mutual fund holders own 35.48%, while other institutional holders and individual stakeholders account for 9.55% and 11.93% respectively.
It has a market capitalization of $2.53B. The earnings-per-share (ttm) stands at -$0.44. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.23% over the week and 5.49% over the month.
Analysts forecast that Joby Aviation Inc. (JOBY) will achieve an EPS of -$0.16 for the current quarter, -$0.14 for the next quarter and -$0.61 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.19 while analysts give the company a high EPS estimate of -$0.13. Comparatively, EPS for the current quarter was $0.01 a year ago. Earnings per share for the fiscal year are expected to decrease by -46.90%, and -6.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Joby Aviation Inc. (JOBY) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 2 of the 5 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the JOBY, a number of firms have released research notes about the stock. Deutsche Bank stated their Sell rating for the stock in a research note on March 07, 2023, with the firm’s price target at $6-$4. JP Morgan was of a view on April 28, 2022 that the stock is Neutral, while Deutsche Bank gave the stock Hold rating on April 11, 2022, issuing a price target of $8. Cantor Fitzgerald on their part issued Overweight rating on April 05, 2022.
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