Joby Aviation (NYSE:JOBY) Stock Price Down 0.7% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) fell 0.7% during mid-day trading on Thursday . The stock traded as low as $7.87 and last traded at $8.07. 4,981,914 shares changed hands during trading, a decline of 45% from the average session volume of 9,030,108 shares. The stock had previously closed at $8.13.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on JOBY. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group cut their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Needham & Company LLC started coverage on Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The company has a market cap of $6.06 billion, a P/E ratio of -11.31 and a beta of 2.32. The stock has a 50-day simple moving average of $7.04 and a 200 day simple moving average of $5.99.

Joby Aviation (NYSE:JOBY) last issued 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). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same period last year, the business earned ($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

In related news, insider Matthew Field sold 11,764 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $5.78, for a total transaction of $67,995.92. Following the sale, the insider now directly owns 298,786 shares in the company, valued at $1,726,983.08. This represents a 3.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 89,154 shares of company stock valued at $534,225 over the last quarter. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC grew its holdings in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the third quarter valued at approximately $51,000. Sound Income Strategies LLC increased its holdings in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after purchasing an additional 10,000 shares in the last quarter. International Assets Investment Management LLC raised its position in Joby Aviation by 403.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after purchasing an additional 9,188 shares during the last quarter. Finally, Choreo LLC acquired a new position in Joby Aviation during the 2nd quarter worth $60,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.