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

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $9.49, but opened at $8.98. Joby Aviation shares last traded at $8.89, with a volume of 5,858,521 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on JOBY. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group boosted their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $5.00 to $6.00 in a research report on Friday. Finally, Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Trading Down 7.7 %

The company has a 50 day moving average price of $7.64 and a 200 day moving average price of $6.21. The company has a market capitalization of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate 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 business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, insider Eric Allison sold 27,817 shares of the business’s 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 sale, the insider now directly owns 463,151 shares in the company, valued at $2,575,119.56. The trade was a 5.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the sale, the insider now owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 355,160 shares of company stock worth $3,177,342. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Institutional investors have recently added to or reduced their stakes in the company. Ieq Capital LLC lifted its position in shares of Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after acquiring an additional 1,807,054 shares during the period. State Street Corp lifted its position in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. Geode Capital Management LLC lifted its position in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after acquiring an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC lifted its position in shares of Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after acquiring an additional 616,579 shares during the period. Finally, Holocene Advisors LP lifted its position in shares of Joby Aviation by 91.7% during the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after acquiring an additional 249,375 shares during the period. 52.85% of the stock is currently owned by institutional investors.

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.