Joby Aviation (NYSE:JOBY) Hits New 12-Month Low – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price reached a new 52-week low on Friday . The stock traded as low as $7.72 and last traded at $7.7150, with a volume of 5946080 shares changing hands. The stock had previously closed at $7.99.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of analyst reports. Morgan Stanley cut 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 report on Wednesday, May 6th. Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has an average rating of “Reduce” and an average price target of $13.64.

Joby Aviation Stock Performance

The business has a 50-day moving average price of $9.89 and a 200-day moving average price of $10.60. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $7.70 billion, a price-to-earnings ratio of -6.81 and a beta of 2.71.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The firm had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. During the same quarter last year, the firm earned ($0.11) EPS. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bonny W. Simi sold 7,832 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $69,861.44. Following the sale, the insider owned 231,687 shares in the company, valued at approximately $2,066,648.04. The trade was a 3.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Allison sold 9,330 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $83,223.60. Following the transaction, the insider owned 684,779 shares in the company, valued at approximately $6,108,228.68. This trade represents a 1.34% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 1,586,311 shares of company stock valued at $16,371,324. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation during the third quarter worth $29,000. Fifth Third Bancorp raised its stake 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 acquiring an additional 1,348 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Joby Aviation in the 4th quarter worth $28,000. Ancora Advisors LLC purchased a new position in Joby Aviation in the 3rd quarter worth $35,000. Finally, Pandora Wealth Inc. acquired a new stake in Joby Aviation during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.