Joby Aviation (NYSE:JOBY) Trading Down 8.3% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) was down 8.3% during mid-day trading on Monday . The stock traded as low as $8.09 and last traded at $8.19. Approximately 6,921,138 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 8,981,044 shares. The stock had previously closed at $8.93.

Analysts Set New Price Targets

A number of research firms recently weighed in on JOBY. Canaccord Genuity Group dropped 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 note on Tuesday, October 29th. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The company has a 50-day moving average of $6.91 and a 200-day moving average of $5.93. The firm has a market capitalization of $6.33 billion, a price-to-earnings ratio of -11.81 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the company earned ($0.13) EPS. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the sale, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now directly owns 54,776 shares of the company’s stock, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 342,065 shares of company stock worth $1,763,580 over the last three months. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of large investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings 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 acquiring an additional 5,000 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Joby Aviation in the third quarter valued at about $51,000. Sound Income Strategies LLC lifted its stake 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 buying an additional 10,000 shares during the last quarter. International Assets Investment Management LLC grew its stake in Joby Aviation by 403.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after buying an additional 9,188 shares during the last quarter. Finally, Choreo LLC bought a new position in Joby Aviation in the 2nd quarter valued at about $60,000. Institutional investors and hedge funds own 52.85% 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.