Joby Aviation (NYSE:JOBY) Shares Down 2.8%

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 2.8% during mid-day trading on Monday . The company traded as low as $5.28 and last traded at $5.28. Approximately 884,703 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 5,493,238 shares. The stock had previously closed at $5.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. HC Wainwright started coverage on shares of Joby Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $9.00 price objective on the stock. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $11.00 to $10.50 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. raised their target price on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th.

Joby Aviation Price Performance

The company has a market cap of $3.72 billion, a price-to-earnings ratio of -6.87 and a beta of 1.97. The stock has a 50 day simple moving average of $5.53 and a two-hundred day simple moving average of $5.22.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter last year, the business posted ($0.17) EPS. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $4.86, for a total transaction of $1,215,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,724,274 shares in the company, valued at approximately $159,039,971.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Didier Papadopoulos sold 7,262 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $5.15, for a total transaction of $37,399.30. Following the sale, the insider now owns 65,561 shares of the company’s stock, valued at $337,639.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Monday, July 1st. The shares were sold at an average price of $4.86, for a total value of $1,215,000.00. Following the completion of the transaction, the chief executive officer now owns 32,724,274 shares of the company’s stock, valued at $159,039,971.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,840 shares of company stock worth $1,624,660. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently bought and sold shares of JOBY. 8VC GP I LLC purchased a new position in Joby Aviation in the fourth quarter worth approximately $95,727,000. Vanguard Group Inc. boosted its holdings in Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after purchasing an additional 2,889,012 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Joby Aviation in the first quarter valued at approximately $15,357,000. Ieq Capital LLC raised its holdings in Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares in the last quarter. Finally, Lingotto Investment Management LLP grew its position in shares of Joby Aviation by 129.8% in the 4th quarter. Lingotto Investment Management LLP now owns 2,088,980 shares of the company’s stock valued at $13,892,000 after buying an additional 1,180,000 shares during the last quarter. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.