Joby Aviation (NYSE:JOBY) Trading Down 5.3% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 5.3% during mid-day trading on Thursday . The company traded as low as $7.33 and last traded at $7.35. 50,062,349 shares traded hands during mid-day trading, an increase of 61% from the average session volume of 31,185,971 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

A number of analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Canaccord Genuity Group reduced their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Morgan Stanley lowered their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $13.64.

Joby Aviation Trading Down 5.3%

The stock has a fifty day moving average of $9.76 and a 200 day moving average of $10.42. The company has a market capitalization of $7.23 billion, a P/E ratio of -6.39 and a beta of 2.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last released its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period in the previous year, the business earned ($0.11) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Activity

In related news, insider Kate Dehoff sold 14,240 shares of the stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider directly owned 180,179 shares of the company’s stock, valued at approximately $1,392,783.67. This represents a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 421,019 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the sale, the chief executive officer owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. The trade was a 1.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 1,125,580 shares of company stock worth $12,172,117. 28.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the company. Strategic Advocates LLC purchased a new position in shares of Joby Aviation during the 3rd quarter valued at $29,000. Fifth Third Bancorp boosted its holdings in Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after buying an additional 1,348 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Joby Aviation in the 4th quarter worth $28,000. Ancora Advisors LLC purchased a new stake in Joby Aviation in the 3rd quarter worth $35,000. Finally, Pandora Wealth Inc. bought a new stake in Joby Aviation during the fourth quarter valued at about $32,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.