Joby Aviation (NYSE:JOBY) Trading Down 5.7% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) fell 5.7% during trading on Thursday . The stock traded as low as $8.94 and last traded at $9.08. 13,195,268 shares were traded during trading, a decline of 3% from the average session volume of 13,656,578 shares. The stock had previously closed at $9.63.

Wall Street Analysts Forecast Growth

Several brokerages have commented on JOBY. HC Wainwright reissued a “buy” rating and set a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. JPMorgan Chase & Co. lowered their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Morgan Stanley reissued an “equal weight” rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Canaccord Genuity Group reissued a “buy” rating and set a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. Finally, Cantor Fitzgerald downgraded Joby Aviation from an “overweight” rating to a “neutral” rating and set a $9.00 target price for the company. in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.33.

Joby Aviation Stock Down 3.1%

The company has a 50 day moving average price of $6.97 and a 200-day moving average price of $7.37. The company has a market cap of $6.81 billion, a price-to-earnings ratio of -12.28 and a beta of 2.39.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.07. 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 ($0.14) earnings per share. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the completion of the sale, the insider now owns 146,941 shares of the company’s stock, valued at approximately $996,259.98. This represents a 6.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Allison sold 24,395 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $6.04, for a total transaction of $147,345.80. Following the sale, the insider now directly owns 627,726 shares of the company’s stock, valued at $3,791,465.04. This represents a 3.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 750,950 shares of company stock valued at $4,640,619 over the last quarter. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. GAMMA Investing LLC grew its position in shares of Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock worth $34,000 after buying an additional 5,015 shares during the period. Strs Ohio acquired a new stake in shares of Joby Aviation during the 1st quarter worth approximately $37,000. Whittier Trust Co. acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $38,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 52.85% 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.