Joby Aviation (NYSE:JOBY) Stock Price Down 2.7% – Here’s Why

by · The Cerbat Gem

Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) shares fell 2.7% during mid-day trading on Friday . The company traded as low as $14.13 and last traded at $14.3980. 20,312,787 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 27,219,330 shares. The stock had previously closed at $14.79.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. HC Wainwright lowered Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Wall Street Zen downgraded Joby Aviation from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Morgan Stanley raised their target price on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. Finally, Zacks Research upgraded shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Reduce” and an average target price of $14.00.

Check Out Our Latest Research Report on JOBY

Joby Aviation Trading Down 2.7%

The firm has a market cap of $12.32 billion, a price-to-earnings ratio of -10.74 and a beta of 2.52. The stock has a 50-day moving average of $15.91 and a two-hundred day moving average of $13.07.

Joby Aviation (NYSE:JOBY – Get Free Report) last announced its earnings results on Thursday, November 6th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. During the same period last year, the firm posted ($0.21) EPS. Joby Aviation’s revenue for the quarter was up 7962.1% on a year-over-year basis. Sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In other news, CEO Joeben Bevirt sold 32,284 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $541,725.52. Following the completion of the sale, the chief executive officer owned 249,587 shares in the company, valued at $4,188,069.86. This represents a 11.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gregory Bowles sold 4,776 shares of Joby Aviation stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total value of $86,397.84. Following the transaction, the insider owned 156,464 shares in the company, valued at $2,830,433.76. This represents a 2.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 1,657,424 shares of company stock worth $25,068,869. Insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds have recently made changes to their positions in the stock. Asset Planning Inc grew its position in Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after purchasing an additional 700 shares in the last quarter. Canton Hathaway LLC acquired a new stake in shares of Joby Aviation during the 3rd quarter valued at $29,000. Hilltop National Bank purchased a new position in shares of Joby Aviation during the 3rd quarter valued at $32,000. EverSource Wealth Advisors LLC increased its stake in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after acquiring an additional 1,880 shares during the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of Joby Aviation during the third quarter worth $41,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

(Get Free Report)

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.

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