Joby Aviation (NYSE:JOBY) Stock Price Down 5.1% Following Analyst Downgrade

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 5.1% during trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $6.00 to $5.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Joby Aviation traded as low as $4.99 and last traded at $5.00. Approximately 11,336,932 shares traded hands during trading, an increase of 68% from the average daily volume of 6,745,752 shares. The stock had previously closed at $5.27.

Several other research analysts have also issued reports on JOBY. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday.

Insiders Place Their Bets

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the sale, the insider now directly owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 sale, the insider now directly owns 293,143 shares of the company’s stock, valued at $1,747,132.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. 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 ninety days, insiders have sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised 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. Janney Montgomery Scott LLC grew its position in shares of Joby Aviation by 84.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after acquiring an additional 92,508 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Joby Aviation in the 1st quarter valued at about $324,000. ProShare Advisors LLC grew its position in shares of Joby Aviation by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after acquiring an additional 3,942 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after buying an additional 2,889,012 shares during the period. 45.54% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Stock Performance

The firm has a market cap of $3.57 billion, a P/E ratio of -10.18 and a beta of 1.97. The firm’s fifty day moving average is $5.32 and its 200 day moving average is $5.29.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.28 million. During the same period last year, the company posted ($0.17) EPS. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

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.