Joby Aviation (NYSE:JOBY) Stock Price Down 9.5% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 9.5% during trading on Monday . The stock traded as low as $7.91 and last traded at $8.10. 20,752,592 shares traded hands during mid-day trading, an increase of 156% from the average session volume of 8,095,426 shares. The stock had previously closed at $8.95.

Analysts Set New Price Targets

Several research analysts have commented on JOBY shares. Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC began coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The company has a market capitalization of $6.11 billion, a P/E ratio of -11.57 and a beta of 1.97. The firm’s fifty day moving average is $5.84 and its 200 day moving average is $5.48.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the business posted ($0.13) earnings per share. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 26,775 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the transaction, the insider now directly owns 18,035 shares in the company, valued at approximately $92,699.90. The trade was a 59.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew Field sold 5,643 shares of the firm’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 completion of the sale, the insider now owns 293,143 shares in the company, valued at $1,747,132.28. This represents a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 535,526 shares of company stock worth $2,745,708 in the last 90 days. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. State Street Corp raised its position in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Ieq Capital LLC raised its position in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the last quarter. Bank of New York Mellon Corp grew its position in Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC raised its holdings in shares of Joby Aviation by 1,018.5% in the second 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 during the last quarter. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.