Joby Aviation (NYSE:JOBY) Shares Down 0.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) dropped 0.5% during trading on Wednesday . The stock traded as low as $8.29 and last traded at $8.33. Approximately 2,101,092 shares were traded during trading, a decline of 86% from the average daily volume of 14,510,943 shares. The stock had previously closed at $8.37.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Needham & Company LLC upped their price objective on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Canaccord Genuity Group lifted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Trading Up 0.4 %

The company has a 50-day moving average price of $8.37 and a two-hundred day moving average price of $6.50. The stock has a market capitalization of $6.32 billion, a P/E ratio of -11.81 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business 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 last year, the firm posted ($0.13) earnings per share. Research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other news, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the sale, the insider now directly owns 54,776 shares of the company’s stock, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 672,338 shares of company stock worth $5,864,050. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in the business. Xponance Inc. grew its holdings in Joby Aviation by 52.0% during the second quarter. Xponance Inc. now owns 25,614 shares of the company’s stock valued at $131,000 after purchasing an additional 8,759 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Joby Aviation by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after buying an additional 55,340 shares during the last quarter. Algert Global LLC bought a new position in shares of Joby Aviation during the 2nd quarter worth $90,000. EP Wealth Advisors LLC purchased a new stake in Joby Aviation in the 2nd quarter worth about $165,000. Finally, Sanctuary Advisors LLC bought a new stake in Joby Aviation in the 2nd quarter valued at about $81,000. 52.85% of the stock is currently owned by institutional investors.

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.