Joby Aviation (NYSE:JOBY) Trading Down 4.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) fell 4.3% on Monday . The stock traded as low as $8.84 and last traded at $8.8550. 30,823,569 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 26,806,420 shares. The stock had previously closed at $9.25.

Wall Street Analyst Weigh In

Several research firms recently weighed in on JOBY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Tuesday, April 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Tuesday, April 28th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Wall Street Zen cut Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday. Finally, Oppenheimer set a $18.00 price target on Joby Aviation in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Joby Aviation presently has a consensus rating of “Reduce” and an average price target of $13.81.

Joby Aviation Price Performance

The firm has a 50-day simple moving average of $9.18 and a two-hundred day simple moving average of $12.34. The company has a market cap of $8.67 billion, a PE ratio of -7.77 and a beta of 2.61.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to analysts’ expectations of $16.88 million. The business’s quarterly revenue was up 5506.5% on a year-over-year basis. During the same period in the previous year, the business posted ($0.34) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.82 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 39,963 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $9.03, for a total transaction of $360,865.89. Following the sale, the chief executive officer owned 224,823 shares in the company, valued at $2,030,151.69. This trade represents a 15.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Didier Papadopoulos sold 3,394 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $8.76, for a total value of $29,731.44. Following the sale, the insider owned 144,284 shares in the company, valued at $1,263,927.84. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,766,026 shares of company stock valued at $17,301,065. 32.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. Asset Planning Inc boosted its holdings in shares of Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after purchasing an additional 700 shares during the last quarter. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation during the third quarter worth $29,000. Canton Hathaway LLC acquired a new stake in shares of Joby Aviation during the third quarter worth $29,000. Fifth Third Bancorp boosted its holdings in shares of Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after purchasing an additional 1,348 shares during the last quarter. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation during the fourth quarter worth $28,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.