Joby Aviation (NYSE:JOBY) Shares Down 9% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 9% during mid-day trading on Thursday . The company traded as low as $9.30 and last traded at $9.4450. Approximately 37,086,045 shares traded hands during mid-day trading, an increase of 11% from the average daily volume of 33,330,109 shares. The stock had previously closed at $10.38.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. The Goldman Sachs Group assumed coverage on Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. Finally, Morgan Stanley upped their target price on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $13.21.

Joby Aviation Stock Down 9.0%

The business’s 50 day simple moving average is $14.14 and its 200 day simple moving average is $15.23. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of -7.05 and a beta of 2.57.

Joby Aviation (NYSE:JOBY) 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 firm had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. During the same quarter last year, the firm posted ($0.21) earnings per share. The business’s revenue for the quarter was up 7962.1% compared to the same quarter last year. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 28,260 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total value of $415,987.20. Following the sale, the insider owned 149,369 shares in the company, valued at $2,198,711.68. This represents a 15.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 23,552 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.51, for a total value of $318,187.52. Following the completion of the sale, the chief executive officer directly owned 288,814 shares of the company’s stock, valued at approximately $3,901,877.14. The trade was a 7.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 297,750 shares of company stock valued at $4,138,695. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Toyota Motor Corp raised its position in shares of Joby Aviation by 63.1% in the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after buying an additional 2,540,382 shares during the period. Geode Capital Management LLC boosted its holdings 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 worth $117,230,000 after buying an additional 573,328 shares during the period. State Street Corp raised its holdings in Joby Aviation by 3.0% in the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock valued at $109,636,000 after acquiring an additional 305,109 shares during the period. Finally, Rheos Capital Works Inc. lifted its position in Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares during the last quarter. 52.85% of the stock is owned by 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.