Joby Aviation (NYSE:JOBY) Shares Down 3.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares fell 3.2% during trading on Thursday . The stock traded as low as $8.42 and last traded at $8.49. 3,287,824 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 15,702,084 shares. The stock had previously closed at $8.77.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on JOBY. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC boosted their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price objective for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Trading Down 2.7 %

The stock’s 50 day moving average is $8.09 and its two-hundred day moving average is $6.39. The stock has a market capitalization of $6.53 billion, a price-to-earnings ratio of -12.15 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company 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 period in the prior year, the company earned ($0.13) earnings per share. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In related news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now owns 137,097 shares in the company, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 in the last three months. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bouvel Investment Partners LLC grew its holdings in shares of Joby Aviation by 1.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after buying an additional 1,715 shares during the last quarter. Tidal Investments LLC boosted its holdings 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 last quarter. Kensington Investment Counsel LLC boosted its holdings 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 last quarter. Amalgamated Bank boosted its holdings in Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after purchasing an additional 4,391 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

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.