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

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 1.3% on Friday . The stock traded as low as $7.77 and last traded at $7.76. 4,240,686 shares traded hands during trading, a decline of 67% from the average session volume of 13,026,347 shares. The stock had previously closed at $7.86.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Needham & Company LLC lifted their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Canaccord Genuity Group upped their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut shares of 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. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Down 1.5 %

The firm has a market cap of $5.93 billion, a P/E ratio of -11.06 and a beta of 2.33. The company has a 50 day moving average of $8.39 and a two-hundred day moving average of $6.54.

Joby Aviation (NYSE:JOBY) last released its 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). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period in the prior year, the company earned ($0.13) earnings per share. Research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. This represents a 9.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now directly owns 29,235 shares in the company, valued at approximately $236,218.80. This trade represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,005,672 shares of company stock valued at $8,537,389 over the last three months. Insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. The Manufacturers Life Insurance Company boosted its position in Joby Aviation by 28.7% during the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after purchasing an additional 55,340 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Joby Aviation during the 2nd quarter valued at about $90,000. Sanctuary Advisors LLC bought a new stake in shares of Joby Aviation in the 2nd quarter valued at approximately $81,000. Handelsbanken Fonder AB lifted its stake in shares of Joby Aviation by 31.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company’s stock valued at $512,000 after purchasing an additional 24,500 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its stake in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.