Joby Aviation (NYSE:JOBY) Stock Price Down 2.6% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) fell 2.6% during trading on Monday . The company traded as low as $8.33 and last traded at $8.54. 4,624,503 shares traded hands during trading, a decline of 70% from the average session volume of 15,181,391 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on JOBY. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC boosted their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Price Performance

The company’s fifty day moving average price is $8.20 and its 200-day moving average price is $6.45. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of -11.95 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the business posted ($0.13) EPS. On average, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the sale, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the transaction, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 672,338 shares of company stock valued at $5,864,050. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Larson Financial Group LLC lifted its holdings in Joby Aviation by 218.3% during the third 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. Salem Investment Counselors Inc. lifted its stake in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after buying an additional 5,000 shares in the last quarter. Empowered Funds LLC acquired a new stake in Joby Aviation in the 3rd quarter worth about $51,000. Sound Income Strategies LLC increased its stake 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 buying an additional 10,000 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Joby Aviation by 403.0% during the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after acquiring an additional 9,188 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.