Joby Aviation (NYSE:JOBY) Trading Down 3.7% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 3.7% during mid-day trading on Tuesday . The stock traded as low as $7.44 and last traded at $7.81. Approximately 10,177,755 shares traded hands during trading, an increase of 24% from the average daily volume of 8,187,600 shares. The stock had previously closed at $8.11.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on JOBY. Canaccord Genuity Group reduced their price target on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC started coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Down 1.8 %

The firm’s 50-day simple moving average is $5.90 and its 200-day simple moving average is $5.51. The firm has a market capitalization of $6.09 billion, a P/E ratio of -11.16 and a beta of 2.31.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS 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 the consensus estimate of $0.06 million. During the same period in the prior year, the company earned ($0.13) EPS. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the sale, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 535,526 shares of company stock worth $2,745,708 over the last ninety days. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. Intech Investment Management LLC bought a new stake in Joby Aviation during the 3rd quarter valued at about $518,000. Fred Alger Management LLC increased its position in shares of Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after acquiring an additional 58,229 shares in the last quarter. Caprock Group LLC raised its holdings in Joby Aviation by 179.5% in the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after acquiring an additional 79,896 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its position in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after acquiring an additional 616,579 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the last quarter. 45.54% of the stock is owned by hedge funds and other 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.