Joby Aviation, Inc. (NYSE:JOBY) Given Consensus Rating of “Reduce” by Analysts

Joby Aviation, Inc. (NYSE:JOBY) has been assigned a consensus rating of “Reduce” from the nine brokerages that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $13.8125.

A number of analysts recently weighed in on JOBY shares. Barclays raised shares of Joby Aviation to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings upgraded shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Canaccord Genuity Group decreased their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Needham & Company LLC lowered their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Susquehanna set a $18.00 price objective on Joby Aviation in a research note on Thursday, August 6th.

Insiders Place Their Bets

In related news, insider Eric Allison sold 27,932 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $7.53, for a total value of $210,327.96. Following the transaction, the insider directly owned 710,396 shares in the company, valued at approximately $5,349,281.88. This represents a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Rodrigo Brumana sold 78,489 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70. Following the completion of the transaction, the chief financial officer directly owned 81,694 shares in the company, valued at $923,142.20. The trade was a 49.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 688,731 shares of company stock worth $7,513,560. 20.35% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Lingotto Investment Management LLP increased its stake in Joby Aviation by 34.2% in the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock worth $41,425,000 after purchasing an additional 799,260 shares during the period. Russell Investments Group Ltd. lifted its position in Joby Aviation by 30.6% in the second quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company’s stock valued at $3,148,000 after purchasing an additional 82,737 shares during the last quarter. DNB Asset Management AS boosted its stake in shares of Joby Aviation by 16.3% during the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after purchasing an additional 51,344 shares during the period. Vanguard Group Inc. boosted its stake in shares of Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after purchasing an additional 2,540,382 shares during the period. Finally, Norges Bank bought a new position in shares of Joby Aviation in the fourth quarter worth approximately $32,269,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Stock Up 0.4%

JOBY stock opened at $7.56 on Monday. The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $7.48 billion, a PE ratio of -7.64 and a beta of 2.73. Joby Aviation has a twelve month low of $6.63 and a twelve month high of $19.98. The stock has a 50-day simple moving average of $8.19 and a two-hundred day simple moving average of $9.20.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm had revenue of $38.64 million during the quarter, compared to analysts’ expectations of $30.20 million. During the same period in the previous year, the company posted ($0.41) earnings per share. The company’s quarterly revenue was up 257493.3% compared to the same quarter last year. On average, equities analysts predict that Joby Aviation will post -1 EPS for the current fiscal year.

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.