Joby Aviation (NYSE:JOBY) Shares Down 12.7% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) traded down 12.7% during trading on Friday . The stock traded as low as $5.10 and last traded at $5.27. 43,487,334 shares traded hands during mid-day trading, an increase of 574% from the average session volume of 6,450,023 shares. The stock had previously closed at $6.04.

Analysts Set New Price Targets

JOBY has been the subject of a number of recent analyst reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.50 price target on shares of Joby Aviation in a research note on Friday, October 4th. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Stock Performance

The stock’s fifty day moving average price is $5.32 and its two-hundred day moving average price is $5.28. The company has a market cap of $3.70 billion, a P/E ratio of -10.75 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.28 million. During the same period in the previous year, the company earned ($0.17) EPS. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now owns 47,474 shares in the company, valued at approximately $253,036.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the transaction, the insider now owns 199,413 shares in the company, valued at approximately $1,096,771.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares of the company’s stock, valued at $253,036.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Flaharty Asset Management LLC grew its stake in Joby Aviation by 25.0% during the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after purchasing an additional 3,000 shares during the period. ProShare Advisors LLC boosted its stake in Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after acquiring an additional 3,942 shares in the last quarter. Amalgamated Bank increased its stake in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Joby Aviation by 32.9% during the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after purchasing an additional 5,025 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in shares of Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares during the period. 45.54% of the stock is owned by institutional investors.

About Joby Aviation

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.