Joby Aviation (NYSE:JOBY) Stock Price Down 2.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 2.5% on Monday . The company traded as low as $5.51 and last traded at $5.55. Approximately 1,949,625 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 6,053,329 shares. The stock had previously closed at $5.69.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on JOBY. Canaccord Genuity Group reiterated a “buy” rating and set a $10.50 target price on shares of Joby Aviation in a research report on Friday, October 4th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th.

Joby Aviation Trading Down 1.4 %

The stock’s 50 day moving average price is $5.20 and its two-hundred day moving average price is $5.24. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -7.30 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same period in the previous year, the firm posted ($0.17) EPS. On average, sell-side 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 Didier Papadopoulos sold 6,025 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now owns 47,474 shares of the company’s stock, valued at $253,036.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Field sold 5,643 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at $1,747,132.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 469,784 shares of company stock worth $2,359,050. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several hedge funds have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC grew its holdings in 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 buying an additional 616,579 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Joby Aviation by 215.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock worth $1,965,000 after purchasing an additional 270,794 shares during the period. Rhumbline Advisers increased its stake in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after buying an additional 115,483 shares during the period. Vanguard Group Inc. increased its stake in Joby Aviation by 9.1% in the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after buying an additional 92,508 shares in the last quarter. Institutional investors own 45.54% 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.