Joby Aviation (NYSE:JOBY) Trading Down 4.7% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) traded down 4.7% during mid-day trading on Wednesday . The company traded as low as $5.89 and last traded at $6.02. 7,844,310 shares changed hands during trading, an increase of 7% from the average session volume of 7,327,021 shares. The stock had previously closed at $6.32.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Canaccord Genuity Group dropped their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th.

Joby Aviation Stock Performance

The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of -8.73 and a beta of 1.97. The business has a fifty day moving average price of $5.37 and a 200 day moving average price of $5.32.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data 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 firm had revenue of $0.28 million during the quarter, compared to analyst estimates 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 firm earned ($0.13) earnings per share. On average, analysts expect that Joby Aviation, Inc. will post -0.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the transaction, the insider now owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 525,499 shares of company stock worth $2,667,151 over the last ninety days. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its position in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new position in Joby Aviation during the 3rd quarter valued at $51,000. Sound Income Strategies LLC grew its holdings in Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC bought a new stake in shares of Joby Aviation in the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 45.54% 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.