Joby Aviation (NYSE:JOBY) Trading Down 5.1% After Analyst Downgrade

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 5.1% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $6.00 to $5.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Joby Aviation traded as low as $4.99 and last traded at $5.00. Approximately 11,336,932 shares changed hands during mid-day trading, an increase of 68% from the average daily volume of 6,745,752 shares. The stock had previously closed at $5.27.

Other equities analysts have also recently issued reports about the stock. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group lowered their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th.

Insiders Place Their Bets

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the transaction, the insider now owns 293,143 shares of the company’s stock, valued at $1,747,132.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Gregory Bowles sold 26,775 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total transaction of $137,623.50. Following the transaction, the insider now owns 18,035 shares in the company, valued at approximately $92,699.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew Field sold 5,643 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the transaction, the insider now owns 293,143 shares in the company, valued at approximately $1,747,132.28. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock valued at $2,667,151 in the last quarter. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Joby Aviation during the first quarter worth approximately $15,357,000. Ieq Capital LLC lifted its position in shares of Joby Aviation by 68.6% during 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. Susquehanna Fundamental Investments LLC lifted its holdings 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 buying an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Joby Aviation by 41.8% in the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after buying an additional 435,069 shares during the period. 45.54% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Stock Down 0.3 %

The company’s fifty day moving average is $5.32 and its two-hundred day moving average is $5.29. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -10.19 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. On average, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

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.