Joby Aviation (NYSE:JOBY) Stock Price Down 3.2% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 3.2% during trading on Tuesday . The company traded as low as $8.89 and last traded at $8.9860. Approximately 18,747,284 shares traded hands during trading, a decline of 32% from the average daily volume of 27,704,037 shares. The stock had previously closed at $9.28.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on JOBY. Canaccord Genuity Group reissued a “hold” rating and issued a $15.50 target price on shares of Joby Aviation in a research report on Tuesday, February 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. Needham & Company LLC decreased their price objective on shares of Joby Aviation to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. The Goldman Sachs Group started coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a “sell” rating and a $10.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. 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 company. Based on data from MarketBeat, Joby Aviation has a consensus rating of “Reduce” and an average price target of $13.81.

Joby Aviation Stock Performance

The company has a market cap of $7.70 billion, a PE ratio of -7.41 and a beta of 2.59. The company has a 50 day simple moving average of $10.83 and a two-hundred day simple moving average of $13.69.

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

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 2,594 shares of Joby Aviation stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $9.85, for a total transaction of $25,550.90. Following the completion of the sale, the insider owned 135,541 shares of the company’s stock, valued at $1,335,078.85. This trade represents a 1.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 3,238 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $10.25, for a total transaction of $33,189.50. Following the transaction, the chief executive officer owned 249,048 shares in the company, valued at approximately $2,552,742. This represents a 1.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,486,368 shares of company stock worth $16,211,332 in the last quarter. 28.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Sowell Financial Services LLC bought a new stake in Joby Aviation in the third quarter worth $663,000. Pier 88 Investment Partners LLC bought a new position in Joby Aviation during the third quarter valued at about $635,000. Voya Investment Management LLC lifted its position in shares of Joby Aviation by 20.0% in the third quarter. Voya Investment Management LLC now owns 1,150,050 shares of the company’s stock worth $18,562,000 after buying an additional 192,064 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Joby Aviation in the second quarter worth about $461,000. Finally, Udine Wealth Management Inc. bought a new stake in shares of Joby Aviation during the 3rd quarter worth about $1,414,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.