Joby Aviation (NYSE:JOBY) Trading Down 3.1% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 3.1% on Friday . The company traded as low as $15.18 and last traded at $15.27. 17,986,647 shares changed hands during trading, a decline of 33% from the average session volume of 26,680,143 shares. The stock had previously closed at $15.76.

Wall Street Analyst Weigh In

A number of research firms recently commented on JOBY. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Joby Aviation in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. Morgan Stanley upped their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and boosted their target price for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $13.43.

Joby Aviation Price Performance

The business has a 50-day moving average of $15.73 and a 200-day moving average of $13.83. The company has a market capitalization of $13.92 billion, a P/E ratio of -11.40 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. The company’s revenue for the quarter was up 7962.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.21) earnings per share. Sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Kate Dehoff sold 20,824 shares of the company’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total transaction of $364,003.52. Following the transaction, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 32,284 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $541,725.52. Following the sale, the chief executive officer directly owned 249,587 shares of the company’s stock, valued at $4,188,069.86. This represents a 11.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,154,802 shares of company stock worth $17,844,775 over the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Asset Planning Inc lifted its stake in Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares in the last quarter. Strategic Advocates LLC purchased a new stake in Joby Aviation during the third quarter worth about $29,000. Canton Hathaway LLC purchased a new stake in Joby Aviation during the third quarter worth about $29,000. Hilltop National Bank acquired a new stake in shares of Joby Aviation during the third quarter worth about $32,000. Finally, Ancora Advisors LLC purchased a new position in shares of Joby Aviation in the third quarter valued at approximately $35,000. Hedge funds and other institutional investors 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.