Joby Aviation (NYSE:JOBY) Shares Down 3.1% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 3.1% during mid-day trading on Friday . The company traded as low as $8.61 and last traded at $8.88. 7,720,354 shares were traded during trading, a decline of 14% from the average session volume of 8,963,333 shares. The stock had previously closed at $9.16.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several analyst reports. Needham & Company LLC began coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price for the company. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, Canaccord Genuity Group lowered their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The stock’s 50 day simple moving average is $6.84 and its 200 day simple moving average is $5.89. The firm has a market cap of $6.74 billion, a PE ratio of -12.59 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the firm posted ($0.13) earnings per share. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 166,666 shares of Joby Aviation stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. The trade was a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the sale, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 508,731 shares of company stock worth $2,621,909. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC boosted its position in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the period. Empowered Funds LLC bought a new position in shares of Joby Aviation during the third quarter valued at about $51,000. Sound Income Strategies LLC boosted its holdings in shares of Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the period. International Assets Investment Management LLC grew its stake in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after purchasing an additional 9,188 shares during the last quarter. Finally, Choreo LLC purchased a new position in Joby Aviation during the 2nd quarter valued at about $60,000. 52.85% of the stock is 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.