Joby Aviation (NYSE:JOBY) Shares Down 0.6% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 0.6% during trading on Tuesday . The stock traded as low as $8.16 and last traded at $8.34. 4,320,761 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 8,999,138 shares. The stock had previously closed at $8.39.

Analyst Ratings Changes

A number of brokerages have issued reports on JOBY. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group decreased 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, October 29th. JPMorgan Chase & Co. lowered 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. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Joby Aviation currently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Down 3.1 %

The business’s 50-day moving average is $7.04 and its two-hundred day moving average is $5.99. 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 released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm 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 quarter in the prior year, the company posted ($0.13) EPS. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In related news, insider Matthew Field sold 5,643 shares of Joby Aviation stock in a transaction on Monday, October 7th. The stock was sold at an average price of $5.96, for a total value of $33,632.28. Following the transaction, the insider now directly owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,154 shares of company stock worth $534,225 over the last 90 days. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Larson Financial Group LLC grew its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Joby Aviation during the third quarter valued at about $51,000. Sound Income Strategies LLC lifted its stake in shares of Joby Aviation by 3,311.3% in the third 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. International Assets Investment Management LLC raised its holdings in Joby Aviation by 403.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after acquiring an additional 9,188 shares in the last quarter. Finally, Choreo LLC bought a new stake in shares of Joby Aviation during the second quarter valued at approximately $60,000. 52.85% 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.