Joby Aviation (NYSE:JOBY) Shares Down 7.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares were down 7.3% during mid-day trading on Thursday . The company traded as low as $9.33 and last traded at $9.52. Approximately 18,233,148 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 21,152,533 shares. The stock had previously closed at $10.27.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $5.00 to $6.00 in a research note on Friday. Canaccord Genuity Group lifted their target price 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 report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Stock Performance

The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of -12.51 and a beta of 2.33. The business’s 50-day simple moving average is $7.64 and its 200-day simple moving average is $6.20.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the firm posted ($0.13) EPS. On average, 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 23,886 shares of Joby Aviation stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the sale, the chief executive officer now directly owns 768,293 shares in the company, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now directly owns 50,902 shares of the company’s stock, valued at approximately $509,020. This trade represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 355,160 shares of company stock worth $3,177,342. Company insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in shares of Joby Aviation by 59.6% in the 2nd quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock valued at $277,000 after purchasing an additional 20,280 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Joby Aviation by 67.1% in the second quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after buying an additional 41,128 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after acquiring an additional 115,483 shares during the period. Choreo LLC acquired a new position in shares of Joby Aviation during the 2nd quarter worth approximately $60,000. Finally, Amalgamated Bank raised its stake in Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after acquiring an additional 4,391 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

About Joby Aviation

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.