Joby Aviation (NYSE:JOBY) Shares Down 2.4% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 2.4% during mid-day trading on Monday . The stock traded as low as $7.68 and last traded at $8.07. Approximately 5,530,140 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 13,799,905 shares. The stock had previously closed at $8.26.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Canaccord Genuity Group boosted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC boosted their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Performance

The firm has a market capitalization of $6.15 billion, a P/E ratio of -11.49 and a beta of 2.33. The firm has a 50 day simple moving average of $8.39 and a two-hundred day simple moving average of $6.52.

Joby Aviation (NYSE:JOBY) last released its quarterly 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). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned ($0.13) earnings per share. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, insider Bonny W. Simi sold 31,489 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the sale, the insider now owns 137,097 shares in the company, valued at $1,142,018.01. This trade represents a 18.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 333,334 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the transaction, the director now owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,005,672 shares of company stock valued at $8,537,389. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. The Manufacturers Life Insurance Company increased its stake in shares of Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock worth $1,266,000 after purchasing an additional 55,340 shares in the last quarter. Algert Global LLC purchased a new position in Joby Aviation in the 2nd quarter valued at approximately $90,000. Sanctuary Advisors LLC bought a new stake in Joby Aviation during the 2nd quarter valued at $81,000. Handelsbanken Fonder AB boosted its holdings in shares of Joby Aviation by 31.7% in the third quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company’s stock worth $512,000 after acquiring an additional 24,500 shares during the period. Finally, Sound Income Strategies LLC grew its position in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after purchasing an additional 10,000 shares in the last quarter. 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.