Joby Aviation (NYSE:JOBY) Stock Price Down 2.5% – Here’s What Happened

by · The Cerbat Gem

Joby Aviation, Inc. (NYSE:JOBY – Get Free Report)’s stock price was down 2.5% during trading on Wednesday . The stock traded as low as $14.92 and last traded at $15.05. Approximately 12,952,815 shares changed hands during trading, a decline of 51% from the average daily volume of 26,508,588 shares. The stock had previously closed at $15.44.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on JOBY shares. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a report on Thursday, November 6th. Morgan Stanley lifted their target price on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. JPMorgan Chase & Co. upped their target price on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. Finally, The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a “sell” rating and a $10.00 price target for the company. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Reduce” and an average target price of $13.43.

Get Our Latest Analysis on JOBY

Joby Aviation Stock Performance

The firm has a market capitalization of $13.72 billion, a price-to-earnings ratio of -11.23 and a beta of 2.53. The company has a 50 day moving average price of $15.69 and a two-hundred day moving average price of $14.11.

Joby Aviation (NYSE:JOBY – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. During the same quarter last year, the business posted ($0.21) EPS. The firm’s revenue for the quarter was up 7962.1% on a year-over-year basis. On average, equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, insider Gregory Bowles sold 3,931 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $13.72, for a total value of $53,933.32. Following the transaction, the insider directly owned 159,085 shares in the company, valued at approximately $2,182,646.20. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kate Dehoff sold 20,824 shares of the stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total value of $364,003.52. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at $2,610,970.12. The trade was a 12.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,154,802 shares of company stock valued at $17,844,775 in the last three months. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently modified their holdings of the business. CWM LLC raised its holdings in Joby Aviation by 8.1% in the 2nd quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after buying an additional 689 shares during the period. GPS Wealth Strategies Group LLC increased its position in shares of Joby Aviation by 22.5% during the third quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company’s stock valued at $61,000 after acquiring an additional 697 shares during the last quarter. Asset Planning Inc raised its stake in shares of Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Joby Aviation by 4.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock valued at $270,000 after acquiring an additional 736 shares during the period. Finally, Allworth Financial LP boosted its position in shares of Joby Aviation by 11.9% during the 2nd quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock worth $76,000 after purchasing an additional 763 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

(Get Free Report)

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.

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