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

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped down prior to trading on Tuesday . The stock had previously closed at $8.11, but opened at $7.51. Joby Aviation shares last traded at $7.84, with a volume of 7,797,473 shares traded.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The business has a fifty day moving average of $5.90 and a two-hundred day moving average of $5.51. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -11.16 and a beta of 2.31.

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 analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the prior year, the business posted ($0.13) EPS. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the business’s 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 of the company’s stock, valued at approximately $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,526 shares of company stock valued at $2,745,708. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Geode Capital Management LLC raised its position in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after buying an additional 670,852 shares in the last quarter. State Street Corp lifted its stake in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Ieq Capital LLC boosted its holdings 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 in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $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% during the 2nd 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 in the last quarter. 45.54% of the stock is owned by institutional investors and hedge funds.

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.