Joby Aviation (NYSE:JOBY) Trading Down 4.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) fell 4.7% during trading on Friday . The stock traded as low as $8.64 and last traded at $9.04. 10,381,774 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 19,271,301 shares. The stock had previously closed at $9.49.

Analysts Set New Price Targets

JOBY has been the topic of a number of research analyst reports. JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the company from $5.00 to $6.00 in a report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Canaccord Genuity Group upped their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Performance

The stock has a market cap of $6.83 billion, a P/E ratio of -12.76 and a beta of 2.33. The stock’s fifty day simple moving average is $7.56 and its 200-day simple moving average is $6.18.

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

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the transaction, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now owns 54,776 shares of the company’s stock, valued at $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 355,160 shares of company stock worth $3,177,342 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

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