Joby Aviation (NYSE:JOBY) Trading Down 3.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 3.2% during trading on Thursday . The stock traded as low as $8.42 and last traded at $8.49. 3,287,824 shares were traded during trading, a decline of 79% from the average session volume of 15,702,084 shares. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on JOBY. Needham & Company LLC upped their target price on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and raised their target price for the company from $5.00 to $6.00 in a research note on Friday, January 10th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group lifted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Performance

The stock has a 50 day moving average of $8.14 and a two-hundred day moving average of $6.41. The stock has a market cap of $6.70 billion, a PE ratio of -12.51 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued 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). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter last year, the company posted ($0.13) EPS. Analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 672,338 shares of company stock valued at $5,864,050 over the last quarter. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rheos Capital Works Inc. raised its holdings in shares of Joby Aviation by 17.0% during the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after purchasing an additional 350,000 shares in the last quarter. Spire Wealth Management acquired a new position in Joby Aviation during the fourth quarter worth $110,000. Flagship Harbor Advisors LLC raised its holdings in Joby Aviation by 51.6% during the fourth quarter. Flagship Harbor Advisors LLC now owns 30,476 shares of the company’s stock valued at $248,000 after buying an additional 10,370 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Joby Aviation by 111.3% in the fourth quarter. Sound Income Strategies LLC now owns 21,773 shares of the company’s stock worth $177,000 after buying an additional 11,471 shares during the last quarter. Finally, GoalVest Advisory LLC bought a new stake in shares of Joby Aviation during the 4th quarter worth about $146,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.