Joby Aviation (NYSE:JOBY) Stock Price Down 5.5% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 5.5% on Thursday . The stock traded as low as $7.41 and last traded at $7.50. Approximately 9,627,150 shares traded hands during trading, an increase of 10% from the average daily volume of 8,720,123 shares. The stock had previously closed at $7.94.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. Canaccord Genuity Group reduced their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The company has a 50 day simple moving average of $6.54 and a 200 day simple moving average of $5.77. The company has a market capitalization of $5.58 billion, a PE ratio of -10.41 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates 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 firm earned ($0.13) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gregory Bowles sold 26,775 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. The trade was a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 535,506 shares of company stock worth $2,759,533 over the last three months. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in JOBY. Ieq Capital LLC grew its position in Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after acquiring an additional 1,807,054 shares during the period. State Street Corp grew its holdings in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares during the period. Geode Capital Management LLC increased its position in shares of Joby Aviation by 7.7% during the 3rd 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 last quarter. Susquehanna Fundamental Investments LLC raised its holdings in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Joby Aviation by 41.8% in 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 buying an additional 435,069 shares during the last quarter. Institutional investors and hedge funds 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.