Joby Aviation (NYSE:JOBY) Trading Down 1.1% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 1.1% on Thursday . The stock traded as low as $8.18 and last traded at $8.24. 2,593,241 shares changed hands during trading, a decline of 82% from the average session volume of 14,105,863 shares. The stock had previously closed at $8.33.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Canaccord Genuity Group raised 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. Needham & Company LLC upped their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price objective for the company from $5.00 to $6.00 in a report on Friday, January 10th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Down 0.9 %

The firm has a 50-day moving average price of $8.34 and a two-hundred day moving average price of $6.49. The firm has a market cap of $6.32 billion, a PE ratio of -11.79 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the previous year, the business posted ($0.13) EPS. Research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other news, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the sale, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 672,338 shares of company stock valued at $5,864,050. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in JOBY. Geode Capital Management LLC boosted its position in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp grew its stake in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares in the last quarter. Rheos Capital Works Inc. lifted its stake in Joby Aviation by 17.0% during the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after acquiring an additional 350,000 shares in the last quarter. Rhumbline Advisers boosted its holdings in Joby Aviation by 8.6% during the 4th quarter. Rhumbline Advisers now owns 594,419 shares of the company’s stock valued at $4,833,000 after acquiring an additional 47,070 shares during the period. Finally, Holocene Advisors LP grew its position in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after acquiring an additional 249,375 shares in the last quarter. 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.