Joby Aviation (NYSE:JOBY) Shares Down 3.1% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 3.1% during mid-day trading on Wednesday . The company traded as low as $8.03 and last traded at $8.13. 11,606,261 shares changed hands during trading, an increase of 29% from the average session volume of 9,030,108 shares. The stock had previously closed at $8.39.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. reduced their target price 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. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group dropped their price objective 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of -11.56 and a beta of 2.32. The firm has a fifty day moving average price of $7.09 and a 200-day moving average price of $6.01.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. On average, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Eric Allison sold 27,817 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the transaction, the insider now directly owns 463,151 shares in the company, valued at approximately $2,575,119.56. This represents a 5.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now directly owns 199,413 shares in the company, valued at $1,096,771.50. The trade was a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,390 shares of company stock worth $466,229 over the last three months. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently modified their holdings of the business. Larson Financial Group LLC increased its holdings in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the period. Empowered Funds LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at about $51,000. Sound Income Strategies LLC raised its position in shares of Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after acquiring an additional 9,188 shares during the period. Finally, Choreo LLC bought a new stake in Joby Aviation in the second quarter valued at approximately $60,000. Institutional investors own 52.85% 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.