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

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped down before the market opened on Friday . The stock had previously closed at $6.04, but opened at $5.16. Joby Aviation shares last traded at $5.18, with a volume of 28,880,090 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on JOBY. Canaccord Genuity Group restated a “buy” rating and set a $10.50 price target on shares of Joby Aviation in a report on Friday, October 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. upped their target price on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th.

Joby Aviation Price Performance

The business has a 50 day simple moving average of $5.32 and a 200 day simple moving average of $5.28. The stock has a market cap of $3.66 billion, a PE ratio of -6.79 and a beta of 1.97.

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

Insiders Place Their Bets

In other Joby Aviation news, insider Kate Dehoff sold 27,898 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation 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 transaction, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the sale, the insider now directly owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock valued at $2,667,151 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its holdings in Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the period. Sound Income Strategies LLC lifted its position in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Integris Wealth Management LLC bought a new stake in Joby Aviation during the 2nd quarter valued at approximately $54,000. Dakota Wealth Management acquired a new stake in Joby Aviation in the 2nd quarter valued at approximately $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Joby Aviation in the 2nd quarter worth approximately $57,000. Institutional investors own 45.54% of the company’s stock.

Joby Aviation Company Profile

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.