Joby Aviation (NYSE:JOBY) Shares Down 8.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 8.3% during mid-day trading on Monday . The company traded as low as $8.09 and last traded at $8.19. Approximately 6,921,138 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 8,981,044 shares. The stock had previously closed at $8.93.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, 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. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Down 3.1 %

The business has a fifty day moving average of $7.01 and a 200 day moving average of $5.98. The firm has a market cap of $6.22 billion, a P/E ratio of -11.61 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted ($0.13) earnings per share. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the transaction, the insider now directly owns 199,413 shares in the company, valued at approximately $1,096,771.50. The trade was a 12.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Field sold 11,764 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $5.78, for a total transaction of $67,995.92. Following the sale, the insider now directly owns 298,786 shares of the company’s stock, valued at $1,726,983.08. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,154 shares of company stock valued at $534,225. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its position in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the period. Empowered Funds LLC acquired a new position in Joby Aviation during the 3rd quarter worth approximately $51,000. Sound Income Strategies LLC grew its stake in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after purchasing an additional 9,188 shares during the last quarter. Finally, Choreo LLC acquired a new stake in shares of Joby Aviation in the second quarter valued at approximately $60,000. Institutional investors own 52.85% 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.