Joby Aviation (NYSE:JOBY) Shares Gap Down – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped down before the market opened on Friday . The stock had previously closed at $9.49, but opened at $8.98. Joby Aviation shares last traded at $8.89, with a volume of 5,858,521 shares traded.

Wall Street Analyst Weigh In

JOBY has been the subject of several recent analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $5.00 to $6.00 in a research report on Friday. Needham & Company LLC initiated coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. 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 report on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Price Performance

The stock has a market capitalization of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33. The firm has a 50-day simple moving average of $7.64 and a 200 day simple moving average of $6.21.

Joby Aviation (NYSE:JOBY) last posted 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 firm had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted ($0.13) earnings per share. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now directly owns 50,902 shares in the company, valued at $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the transaction, the insider now owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 355,160 shares of company stock worth $3,177,342. 32.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently added to or reduced their stakes in the business. Watts Gwilliam & Co. LLC acquired a new stake in Joby Aviation during the fourth quarter worth approximately $154,000. Everence Capital Management Inc. acquired a new stake in Joby Aviation during the fourth quarter worth approximately $142,000. Tidal Investments LLC grew its stake in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares during the period. Geode Capital Management LLC grew its stake in Joby Aviation by 7.7% during the third 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. Finally, Kensington Investment Counsel LLC grew its stake in Joby Aviation by 12.0% during the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after purchasing an additional 3,653 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.