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

Joby Aviation, Inc. (NYSE:JOBY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $8.20, but opened at $7.81. Joby Aviation shares last traded at $7.98, with a volume of 3,993,044 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. cut their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd. 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 objective on the stock. Canaccord Genuity Group lowered their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Down 5.2 %

The company’s 50-day moving average is $5.60 and its two-hundred day moving average is $5.40. The company has a market capitalization of $5.94 billion, a P/E ratio of -11.27 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (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 analysts’ expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the company earned ($0.13) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other news, insider Gregory Bowles sold 26,775 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. This represents a 59.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the sale, the insider now directly owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This trade represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 527,778 shares of company stock valued at $2,683,104 over the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC raised its holdings in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Joby Aviation during the third quarter valued at $51,000. Sound Income Strategies LLC increased its holdings 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 in the last quarter. Finally, Integris Wealth Management LLC bought a new position in shares of Joby Aviation during the second quarter valued at $54,000. Hedge funds and other institutional investors 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.