Joby Aviation (NYSE:JOBY) Stock Price Down 2.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 2.7% on Tuesday . The stock traded as low as $5.36 and last traded at $5.39. 2,054,137 shares were traded during mid-day trading, a decline of 66% from the average session volume of 6,058,575 shares. The stock had previously closed at $5.54.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group reissued a “buy” rating and set a $10.50 price objective on shares of Joby Aviation in a report on Friday, October 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Stock Down 2.3 %

The firm’s fifty day simple moving average is $5.21 and its 200-day simple moving average is $5.24. The company has a market cap of $3.83 billion, a PE ratio of -7.09 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting analysts’ consensus estimates 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 prior year, the firm earned ($0.17) EPS. On average, analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction on Monday, September 16th. The shares were 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 in the company, valued at $253,036.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 469,784 shares of company stock valued at $2,359,050. Insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in JOBY. Nisa Investment Advisors LLC increased its holdings in shares of Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after acquiring an additional 5,840 shares during the period. Sound Income Strategies LLC increased its stake in Joby Aviation by 3,311.3% during 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. Integris Wealth Management LLC acquired a new position in Joby Aviation during the 2nd quarter valued at about $54,000. Dakota Wealth Management acquired a new position in Joby Aviation during the 2nd quarter valued at about $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Joby Aviation during the 2nd quarter valued at about $57,000. 45.54% 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.