Joby Aviation (NYSE:JOBY) Trading Down 8.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 8.5% on Wednesday . The company traded as low as $7.68 and last traded at $7.81. 10,495,325 shares traded hands during trading, an increase of 25% from the average session volume of 8,419,047 shares. The stock had previously closed at $8.54.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Canaccord Genuity Group dropped 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. dropped their price objective on shares of 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 restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. Needham & Company LLC initiated coverage on shares of 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 issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Performance

The firm has a market cap of $6.04 billion, a PE ratio of -11.16 and a beta of 2.31. The firm’s 50-day moving average price is $6.22 and its two-hundred day moving average price is $5.62.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share 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 analysts’ expectations 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 firm posted ($0.13) EPS. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the sale, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. The trade was a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 29,235 shares of the company’s stock, valued at approximately $236,218.80. This represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 535,526 shares of company stock worth $2,745,708. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC lifted its holdings in shares of Joby Aviation by 218.3% in the third 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 in the last quarter. Nisa Investment Advisors LLC increased its position in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after buying an additional 5,840 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Joby Aviation in the third quarter worth $51,000. Sound Income Strategies LLC lifted its position 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 acquiring an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC acquired a new stake in shares of Joby Aviation during the second quarter valued at $54,000. 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.