Joby Aviation (NYSE:JOBY) Shares Down 5.2% – What’s Next?
by Teresa Graham · The Cerbat GemJoby Aviation, Inc. (NYSE:JOBY – Get Free Report) shares dropped 5.2% on Tuesday . The stock traded as low as $14.59 and last traded at $14.6320. Approximately 23,833,573 shares changed hands during trading, a decline of 13% from the average daily volume of 27,430,865 shares. The stock had previously closed at $15.43.
Wall Street Analyst Weigh In
Several analysts have commented on JOBY shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research report on Thursday, November 6th. Morgan Stanley lifted their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. HC Wainwright reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Finally, JPMorgan Chase & Co. boosted their target price on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $13.43.
Read Our Latest Stock Report on JOBY
Joby Aviation Stock Performance
The stock’s 50 day moving average is $14.52 and its 200 day moving average is $15.34. The company has a market capitalization of $13.34 billion, a PE ratio of -10.92 and a beta of 2.56.
Joby Aviation (NYSE:JOBY – Get Free Report) last issued its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. Joby Aviation’s revenue for the quarter was up 7962.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.21) earnings per share. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.
Insider Activity at Joby Aviation
In other news, insider Didier Papadopoulos sold 6,429 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $15.84, for a total transaction of $101,835.36. Following the sale, the insider directly owned 113,718 shares in the company, valued at $1,801,293.12. This represents a 5.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 28,260 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the completion of the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,198,711.68. The trade was a 15.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 289,556 shares of company stock worth $4,052,822 in the last 90 days. 32.40% of the stock is owned by company insiders.
Institutional Trading of Joby Aviation
Several institutional investors and hedge funds have recently bought and sold shares of the company. Toyota Motor Corp grew its position in Joby Aviation by 63.1% during the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock worth $1,355,194,000 after buying an additional 49,701,790 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after acquiring an additional 5,828,189 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Joby Aviation by 5.4% during the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock valued at $117,230,000 after acquiring an additional 573,328 shares during the last quarter. State Street Corp grew its holdings in shares of Joby Aviation by 3.0% during the second quarter. State Street Corp now owns 10,392,018 shares of the company’s stock worth $109,636,000 after purchasing an additional 305,109 shares in the last quarter. Finally, Rheos Capital Works Inc. increased its position in shares of Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after purchasing an additional 2,650,000 shares during the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.
About Joby Aviation
Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.