Joby Aviation (NYSE:JOBY) Stock Price Down 8.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares fell 8.3% during mid-day trading on Monday . The stock traded as low as $8.09 and last traded at $8.19. 6,921,138 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 8,981,044 shares. The stock had previously closed at $8.93.

Analyst Ratings Changes

Several research firms have weighed in on JOBY. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group decreased their target price 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, October 29th. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Trading Down 7.4 %

The company has a market cap of $6.33 billion, a price-to-earnings ratio of -11.81 and a beta of 2.32. The stock’s 50-day moving average is $6.91 and its 200-day moving average is $5.93.

Joby Aviation (NYSE:JOBY) last issued 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). 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 quarter in the prior year, the business earned ($0.13) earnings per share. As a group, analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Field sold 11,764 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $5.78, for a total value of $67,995.92. Following the sale, the insider now directly owns 298,786 shares of the company’s stock, valued at $1,726,983.08. This represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 342,065 shares of company stock worth $1,763,580 over the last quarter. 32.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

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