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

Joby Aviation, Inc. (NYSE:JOBY) has received an average recommendation of “Reduce” from the eight research firms that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $13.6429.

Several brokerages recently weighed in on JOBY. Canaccord Genuity Group cut their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Morgan Stanley lowered their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Weiss Ratings upgraded Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Finally, Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th.

Insider Activity

In related news, insider Gregory Bowles sold 4,724 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $9.10, for a total value of $42,988.40. Following the transaction, the insider owned 188,936 shares in the company, valued at approximately $1,719,317.60. This trade represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Bonny W. Simi sold 7,832 shares of Joby Aviation stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $69,861.44. Following the transaction, the insider directly owned 231,687 shares in the company, valued at approximately $2,066,648.04. This trade represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 1,125,580 shares of company stock worth $12,172,117. Insiders own 20.35% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its position in Joby Aviation by 43.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 217,426 shares of the company’s stock worth $1,939,000 after purchasing an additional 66,000 shares during the period. 180 Wealth Advisors LLC increased its holdings in Joby Aviation by 13.5% in the 2nd quarter. 180 Wealth Advisors LLC now owns 62,729 shares of the company’s stock valued at $560,000 after purchasing an additional 7,447 shares in the last quarter. CoreCap Advisors LLC raised its position in Joby Aviation by 408.1% in the second quarter. CoreCap Advisors LLC now owns 8,292 shares of the company’s stock valued at $74,000 after purchasing an additional 6,660 shares during the period. Segall Bryant & Hamill LLC purchased a new position in Joby Aviation in the first quarter valued at about $131,000. Finally, J. Derek Lewis & Associates Inc. acquired a new position in shares of Joby Aviation during the first quarter worth about $121,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Stock Performance

NYSE:JOBY opened at $6.65 on Thursday. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The company has a market cap of $6.54 billion, a P/E ratio of -5.78 and a beta of 2.71. Joby Aviation has a fifty-two week low of $6.63 and a fifty-two week high of $20.95. The firm’s 50 day moving average is $9.14 and its two-hundred day moving average is $9.92.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the business earned ($0.11) EPS. Analysts expect that Joby Aviation will post -0.83 EPS for the current year.

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.