Joby Aviation (NYSE:JOBY) Shares Down 3.1% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) was down 3.1% on Wednesday . The company traded as low as $8.03 and last traded at $8.13. Approximately 11,606,261 shares traded hands during trading, an increase of 29% from the average daily volume of 9,030,108 shares. The stock had previously closed at $8.39.

Analyst Ratings Changes

A number of analysts have commented on JOBY shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC assumed coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price for the company. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Finally, Canaccord Genuity Group reduced their price objective 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Trading Down 0.5 %

The business has a 50-day moving average of $7.09 and a 200 day moving average of $6.01. The firm has a market capitalization of $6.19 billion, a P/E ratio of -11.56 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $0.06 million. During the same quarter in the prior year, the firm earned ($0.13) EPS. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,096,771.50. The trade was a 12.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Allison sold 27,817 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the completion of the sale, the insider now owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. This represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,390 shares of company stock worth $466,229. Insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC increased its stake in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Joby Aviation in the third quarter valued at approximately $51,000. Sound Income Strategies LLC increased its position in shares of Joby Aviation by 3,311.3% during 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 during the last quarter. International Assets Investment Management LLC lifted its holdings in Joby Aviation by 403.0% during the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after acquiring an additional 9,188 shares during the period. Finally, Choreo LLC purchased a new position in Joby Aviation in the second quarter worth $60,000. 52.85% of the stock is currently 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.