Joby Aviation (NYSE:JOBY) Trading Down 8% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 8% on Monday . The company traded as low as $7.87 and last traded at $8.04. 9,343,264 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 19,155,166 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several recent analyst reports. Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC lifted their price target on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $5.00 to $6.00 in a report on Friday, January 10th. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

The firm has a market cap of $6.33 billion, a price-to-earnings ratio of -11.83 and a beta of 2.33. The company’s fifty day moving average is $7.75 and its two-hundred day moving average is $6.26.

Joby Aviation (NYSE:JOBY) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the previous year, the business posted ($0.13) earnings per share. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the sale, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now directly owns 58,994,729 shares in the company, valued at approximately $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 638,982 shares of company stock valued at $5,586,157 in the last quarter. Company insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of JOBY. Ieq Capital LLC raised its stake in Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after acquiring an additional 1,807,054 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC lifted 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 during the last quarter. Finally, Holocene Advisors LP boosted its position in Joby Aviation by 91.7% during the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after purchasing an additional 249,375 shares during the period. 52.85% of the stock is currently owned by institutional investors.

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.