Joby Aviation (NYSE:JOBY) Shares Gap Down – Here’s Why

by · The Cerbat Gem

Joby Aviation, Inc. (NYSE:JOBY – Get Free Report)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $8.20, but opened at $7.81. Joby Aviation shares last traded at $7.98, with a volume of 3,993,044 shares.

Wall Street Analyst Weigh In

JOBY has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price target 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. Canaccord Genuity Group lowered their price target on shares of 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 initiated coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Get Our Latest Stock Report on Joby Aviation

Joby Aviation Price Performance

The stock’s 50 day simple moving average is $5.60 and its two-hundred day simple moving average is $5.40. The stock has a market cap of $5.94 billion, a P/E ratio of -11.27 and a beta of 1.97.

Joby Aviation (NYSE:JOBY – Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 in the previous year, the firm posted ($0.13) EPS. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the transaction, the chief executive officer now owns 32,674,274 shares in the company, valued at $158,470,228.90. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,666 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This trade represents a 0.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 527,778 shares of company stock valued at $2,683,104 over the last quarter. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Flaharty Asset Management LLC increased its position in Joby Aviation by 25.0% during the 2nd quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after purchasing an additional 3,000 shares during the period. Tidal Investments LLC increased its position in Joby Aviation by 13.7% during the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the period. Kensington Investment Counsel LLC grew its position in shares of Joby Aviation by 12.0% during the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after buying an additional 3,653 shares during the period. Amalgamated Bank grew its position in shares of Joby Aviation by 46.2% during the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after buying an additional 4,391 shares during the period. Finally, Larson Financial Group LLC grew its position in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the period. Institutional investors and hedge funds own 45.54% of the company’s stock.

Joby Aviation Company Profile

(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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