Joby Aviation (NYSE:JOBY) Shares Down 0.5% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 0.5% on Wednesday . The stock traded as low as $8.29 and last traded at $8.33. 2,101,092 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 14,510,943 shares. The stock had previously closed at $8.37.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Finally, Needham & Company LLC upped their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Performance

The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of -11.86 and a beta of 2.33. The company has a fifty day simple moving average of $8.29 and a two-hundred day simple moving average of $6.48.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same period in the prior year, the company earned ($0.13) EPS. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now directly owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. The trade was a 18.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 333,332 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the transaction, the director now owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 672,338 shares of company stock worth $5,864,050. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of JOBY. State Street Corp boosted its holdings in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares in the last quarter. Rheos Capital Works Inc. grew its holdings in shares of Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Holocene Advisors LP increased its stake in shares of Joby Aviation by 91.7% in the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after buying an additional 249,375 shares during the period. Finally, Yarbrough Capital LLC bought a new position in Joby Aviation in the 4th quarter valued at approximately $1,362,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.