Joby Aviation (NYSE:JOBY) Stock Price Down 7.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 7.3% during trading on Thursday . The stock traded as low as $9.33 and last traded at $9.52. 18,233,148 shares were traded during mid-day trading, a decline of 14% from the average session volume of 21,152,533 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Needham & Company LLC started coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. Canaccord Genuity Group upped their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $8.70.

Joby Aviation Price Performance

The firm has a market cap of $7.28 billion, a price-to-earnings ratio of -13.60 and a beta of 2.33. The business has a fifty day simple moving average of $7.46 and a 200 day simple moving average of $6.15.

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

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the sale, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. This represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 355,160 shares of company stock worth $3,177,342. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC raised its stake 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 acquiring an additional 5,000 shares during the period. Empowered Funds LLC acquired a new position in Joby Aviation during the third quarter worth $51,000. Sound Income Strategies LLC boosted its position in shares of Joby Aviation by 3,311.3% during the third 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 during the period. International Assets Investment Management LLC grew its stake in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after buying an additional 9,188 shares in the last quarter. Finally, Choreo LLC purchased a new stake in shares of Joby Aviation in the 2nd quarter valued at $60,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.