Joby Aviation (NYSE:JOBY) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Joby Aviation (NYSE:JOBY) from a neutral rating to an underweight rating in a research report sent to investors on Friday, MarketBeat.com reports. They currently have $6.00 price objective on the stock, up from their prior price objective of $5.00.

A number of other equities research analysts also recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

Joby Aviation stock opened at $8.76 on Friday. The firm has a market capitalization of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33. The stock has a fifty day moving average price of $7.64 and a two-hundred day moving average price of $6.22. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $10.72.

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

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction dated 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 in the company, valued at $419,036.40. The trade was 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 327,343 shares of company stock valued at $3,022,680 over the last 90 days. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in shares of Joby Aviation in the third quarter valued at about $518,000. Fred Alger Management LLC increased its position in Joby Aviation by 89.4% during the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares in the last quarter. Caprock Group LLC increased its holdings in shares of Joby Aviation by 179.5% during the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after buying an additional 79,896 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its position in Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Finally, Holocene Advisors LP raised its holdings in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after buying an additional 249,375 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.