Joby Aviation (NYSE:JOBY) Shares Down 2.2% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 2.2% during trading on Wednesday . The company traded as low as $6.01 and last traded at $6.19. 5,432,719 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 7,498,973 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on JOBY shares. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research report on Tuesday. They issued a “buy” rating and a $8.00 target price on the stock. 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. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on 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 $5.20 billion, a PE ratio of -9.70 and a beta of 1.97. The company’s 50-day moving average is $5.51 and its 200 day moving average is $5.36.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,666 shares of Joby Aviation stock in a transaction on Monday, September 30th. The shares were sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now owns 59,828,059 shares in the company, valued at $308,114,503.85. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock valued at $2,667,151 in the last 90 days. 32.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of JOBY. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Joby Aviation during the 3rd quarter valued at approximately $51,000. Sound Income Strategies LLC grew its holdings 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 purchasing an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC purchased a new stake in Joby Aviation during the second quarter valued at $54,000. 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.