Joby Aviation (NYSE:JOBY) Shares Down 3.1% – Here’s Why

by · The Cerbat Gem

Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) dropped 3.1% during mid-day trading on Friday . The company traded as low as $15.18 and last traded at $15.27. Approximately 17,986,647 shares changed hands during trading, a decline of 33% from the average daily volume of 26,680,143 shares. The stock had previously closed at $15.76.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on JOBY. Canaccord Genuity Group lowered shares of Joby Aviation from a “buy” rating to a “hold” rating and lifted their price target for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a research note on Thursday, November 6th. JPMorgan Chase & Co. increased their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday, October 31st. Finally, Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has an average rating of “Reduce” and an average price target of $13.43.

View Our Latest Stock Analysis on JOBY

Joby Aviation Stock Performance

The stock has a market cap of $13.92 billion, a P/E ratio of -11.40 and a beta of 2.53. The business’s 50-day moving average price is $15.73 and its 200-day moving average price is $13.83.

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

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 15,439 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $259,066.42. Following the completion of the transaction, the insider directly owned 103,206 shares in the company, valued at $1,731,796.68. This represents a 13.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kate Dehoff sold 52,907 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $15.76, for a total transaction of $833,814.32. Following the sale, the insider owned 149,369 shares in the company, valued at $2,354,055.44. The trade was a 26.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,154,802 shares of company stock worth $17,844,775 in the last quarter. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of the business. Asset Planning Inc boosted its stake in shares of Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares during the period. Canton Hathaway LLC purchased a new stake in Joby Aviation during the 3rd quarter valued at approximately $29,000. Strategic Advocates LLC bought a new stake in shares of Joby Aviation during the third quarter valued at approximately $29,000. Finally, Hilltop National Bank purchased a new position in shares of Joby Aviation in the third quarter worth $32,000. Hedge funds and other institutional investors own 52.85% 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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