Joby Aviation (NYSE:JOBY) Trading Down 4.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 4.5% during mid-day trading on Friday . The company traded as low as $9.11 and last traded at $9.2560. 27,973,869 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 28,070,785 shares. The stock had previously closed at $9.69.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on JOBY shares. Canaccord Genuity Group reaffirmed a “hold” rating and set a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. The Goldman Sachs Group assumed coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a “sell” rating and a $10.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Stock Down 4.5%

The company has a 50 day simple moving average of $11.19 and a 200 day simple moving average of $13.78. The company has a market capitalization of $8.44 billion, a price-to-earnings ratio of -8.12 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. During the same period in the prior year, the firm earned ($0.34) earnings per share. The business’s revenue for the quarter was up 5506.5% on a year-over-year basis. On average, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Bonny W. Simi sold 110,173 shares of the firm’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total value of $1,525,896.05. Following the transaction, the insider owned 125,114 shares of the company’s stock, valued at approximately $1,732,828.90. This trade represents a 46.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 28,260 shares of Joby Aviation stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $14.72, for a total transaction of $415,987.20. Following the transaction, the insider owned 149,369 shares in the company, valued at $2,198,711.68. The trade was a 15.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,486,368 shares of company stock valued at $16,211,332. 28.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Several large investors have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. lifted its stake in shares of Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after purchasing an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after buying an additional 390,794 shares in the last quarter. State Street Corp grew its stake in shares of Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after buying an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Joby Aviation by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock valued at $57,697,000 after buying an additional 271,475 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after buying an additional 1,223,412 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.