Joby Aviation (NYSE:JOBY) Trading Down 2.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) dropped 2.7% during mid-day trading on Tuesday . The company traded as low as $5.36 and last traded at $5.39. Approximately 2,054,137 shares changed hands during trading, a decline of 66% from the average daily volume of 6,058,575 shares. The stock had previously closed at $5.54.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group restated a “buy” rating and set a $10.50 target price on shares of Joby Aviation in a research report on Friday, October 4th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th.

Joby Aviation Stock Down 2.3 %

The business’s 50-day simple moving average is $5.21 and its two-hundred day simple moving average is $5.24. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -7.09 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter last year, the company posted ($0.17) EPS. On average, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Cahill Sciarra sold 166,666 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the sale, the director now directly owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 469,784 shares of company stock worth $2,359,050. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Caprock Group LLC acquired a new stake in Joby Aviation in the 1st quarter valued at about $239,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Joby Aviation by 215.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock valued at $1,965,000 after acquiring an additional 270,794 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in Joby Aviation by 84.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after acquiring an additional 92,508 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Joby Aviation during the 1st quarter worth approximately $324,000. Finally, ProShare Advisors LLC increased its holdings in shares of Joby Aviation by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after buying an additional 3,942 shares during the last quarter. Institutional investors and hedge funds 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.