Joby Aviation (NYSE:JOBY) Trading Down 5.8%

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 5.8% during mid-day trading on Wednesday . The company traded as low as $6.97 and last traded at $7.03. Approximately 4,862,470 shares were traded during trading, a decline of 9% from the average daily volume of 5,352,800 shares. The stock had previously closed at $7.46.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. raised Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research note on Friday, May 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday.

Joby Aviation Trading Down 5.5 %

The stock has a 50-day simple moving average of $5.23 and a two-hundred day simple moving average of $5.39. The firm has a market capitalization of $4.67 billion, a P/E ratio of -8.41 and a beta of 2.00.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $0.05 million. During the same quarter in the prior year, the business posted ($0.16) earnings per share. The company’s revenue was down 97.5% compared to the same quarter last year. As a group, research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In related news, insider Matthew Field sold 13,953 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $4.96, for a total transaction of $69,206.88. Following the transaction, the insider now directly owns 269,196 shares in the company, valued at approximately $1,335,212.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Kate Dehoff sold 5,815 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $6.76, for a total value of $39,309.40. Following the completion of the transaction, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,348,031.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Matthew Field sold 13,953 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $4.96, for a total value of $69,206.88. Following the completion of the transaction, the insider now directly owns 269,196 shares of the company’s stock, valued at approximately $1,335,212.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 345,982 shares of company stock worth $1,713,310. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its position in shares of Joby Aviation by 346.4% in the second quarter. SG Americas Securities LLC now owns 336,062 shares of the company’s stock valued at $1,714,000 after purchasing an additional 260,780 shares in the last quarter. DNB Asset Management AS grew its position in Joby Aviation by 21.1% in the second quarter. DNB Asset Management AS now owns 88,906 shares of the company’s stock worth $453,000 after acquiring an additional 15,504 shares during the period. Cetera Advisors LLC grew its position in Joby Aviation by 32.9% in the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after acquiring an additional 5,025 shares during the period. Price T Rowe Associates Inc. MD grew its position in Joby Aviation by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 193,322 shares of the company’s stock worth $1,037,000 after acquiring an additional 10,234 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Joby Aviation in the first quarter worth approximately $15,357,000. Institutional investors and hedge funds own 45.54% 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.