Joby Aviation (NYSE:JOBY) Trading Down 4.5% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 4.5% during mid-day trading on Friday . The company traded as low as $9.11 and last traded at $9.2560. Approximately 27,973,869 shares traded hands during trading, a decline of 0% from the average daily volume of 28,070,785 shares. The stock had previously closed at $9.69.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on JOBY shares. The Goldman Sachs Group assumed coverage on Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price target on the stock. Needham & Company LLC reduced their target price on Joby Aviation to $18.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group restated a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a research report on Tuesday, February 3rd. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. Finally, JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $13.81.

Joby Aviation Price Performance

The stock has a 50-day simple moving average of $11.31 and a 200 day simple moving average of $13.81. The company has a market capitalization of $8.44 billion, a PE ratio of -8.12 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analysts’ expectations of $16.88 million. During the same quarter in the prior year, the business earned ($0.34) EPS. The company’s quarterly revenue was up 5506.5% compared to the same quarter last year. As a group, research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Gregory Bowles sold 11,530 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $9.62, for a total transaction of $110,918.60. Following the completion of the transaction, the insider owned 170,360 shares of the company’s stock, valued at $1,638,863.20. This represents a 6.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 2,594 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.85, for a total transaction of $25,550.90. Following the transaction, the insider directly owned 135,541 shares in the company, valued at approximately $1,335,078.85. This represents a 1.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,486,368 shares of company stock worth $16,211,332 in the last three months. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the company. Fifth Third Bancorp raised its holdings in Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after buying an additional 1,348 shares during the period. Asset Planning Inc boosted its position in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after buying an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation during the fourth quarter worth approximately $28,000. Finally, Canton Hathaway LLC acquired a new position in Joby Aviation during the 3rd quarter worth $29,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

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.