Joby Aviation (NYSE:JOBY) Stock Price Down 0.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 0.7% on Thursday . The stock traded as low as $7.87 and last traded at $8.07. Approximately 4,981,914 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 9,030,108 shares. The stock had previously closed at $8.13.

Wall Street Analysts Forecast Growth

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

Joby Aviation Stock Performance

The company has a market cap of $7.47 billion, a PE ratio of -13.96 and a beta of 2.32. The stock’s 50 day moving average price is $7.18 and its 200-day moving average price is $6.04.

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

Insider Activity

In other news, insider Kate Dehoff sold 27,898 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the sale, the insider now directly owns 199,413 shares in the company, valued at approximately $1,096,771.50. This represents a 12.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Allison sold 27,817 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the sale, the insider now owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. This trade represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,111 shares of company stock valued at $674,055. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the business. Ieq Capital LLC lifted its stake in shares of Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares in the last quarter. State Street Corp lifted its position in Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Geode Capital Management LLC boosted its stake in Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its holdings in shares of Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Joby Aviation by 41.8% in the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.