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

Joby Aviation, Inc. (NYSE:JOBY) gapped down prior to trading on Wednesday . The stock had previously closed at $8.54, but opened at $8.07. Joby Aviation shares last traded at $7.94, with a volume of 5,701,523 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. Canaccord Genuity Group lowered their price objective 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. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Down 4.0 %

The firm has a fifty day moving average price of $6.37 and a 200 day moving average price of $5.68.

Joby Aviation (NYSE:JOBY) last announced its earnings results 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 return on equity of 51.76% and a negative net margin of 42,844.57%. The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same quarter in the previous year, the company posted ($0.13) EPS. Research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the transaction, the director now directly owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. This represents a 0.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently bought and sold shares of JOBY. Flaharty Asset Management LLC increased its holdings in Joby Aviation by 25.0% in the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after purchasing an additional 3,000 shares during the last quarter. Tidal Investments LLC grew its holdings in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the period. Kensington Investment Counsel LLC increased its stake in Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after purchasing an additional 3,653 shares in the last quarter. Amalgamated Bank raised its holdings in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after purchasing an additional 4,391 shares during the period. Finally, Larson Financial Group LLC boosted its position in shares of Joby Aviation by 218.3% during the third 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 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.