Joby Aviation (NYSE:JOBY) Trading Down 1.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) was down 1.3% on Monday . The stock traded as low as $7.40 and last traded at $7.68. Approximately 9,369,040 shares were traded during trading, an increase of 10% from the average daily volume of 8,517,233 shares. The stock had previously closed at $7.78.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The firm’s 50-day simple moving average is $6.41 and its 200-day simple moving average is $5.71. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of -10.97 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last posted 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 analyst estimates of $0.06 million. During the same period last year, the company earned ($0.13) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 26,775 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total value of $137,623.50. Following the transaction, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. The trade was a 59.75 % 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 hyperlink. Also, Director Paul Cahill Sciarra sold 166,666 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the sale, the director now directly owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This represents a 0.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 529,501 shares of company stock worth $2,713,595 over the last 90 days. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its stake in Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp grew its stake in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Ieq Capital LLC lifted its position in shares of Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its position in Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Institutional investors own 52.85% 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.