Joby Aviation (NYSE:JOBY) Stock Price Down 5.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 5.5% on Thursday . The stock traded as low as $7.41 and last traded at $7.50. 9,627,150 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 8,720,123 shares. The stock had previously closed at $7.94.

Analysts Set New Price Targets

JOBY has been the subject of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Needham & Company LLC initiated coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Trading Up 6.4 %

The stock has a 50-day moving average price of $6.62 and a 200 day moving average price of $5.80. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of -10.99 and a beta of 2.32.

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

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the sale, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gregory Bowles sold 26,775 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the completion of the transaction, the insider now directly owns 18,035 shares in the company, valued at approximately $92,699.90. This represents a 59.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 535,506 shares of company stock valued at $2,759,533 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several large investors have recently bought and sold shares of JOBY. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in 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 in the last quarter. Empowered Funds LLC acquired a new stake in shares of Joby Aviation in the 3rd quarter worth $51,000. Sound Income Strategies LLC raised its holdings in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Joby Aviation in the second quarter valued at about $57,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.