Joby Aviation (NYSE:JOBY) Shares Down 2.1% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 2.1% during trading on Monday . The company traded as low as $6.81 and last traded at $6.83. Approximately 23,599,932 shares traded hands during trading, a decline of 27% from the average daily volume of 32,223,340 shares. The stock had previously closed at $6.98.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Barclays raised Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Canaccord Genuity Group dropped their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research note on Thursday, May 7th. Susquehanna set a $18.00 target price on shares of Joby Aviation in a research report on Thursday, August 6th. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Finally, HC Wainwright reissued a “buy” rating on shares of Joby Aviation in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Joby Aviation has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Trading Down 2.1%

The stock’s 50 day moving average is $7.94 and its two-hundred day moving average is $9.08. The company has a market capitalization of $6.76 billion, a PE ratio of -6.90 and a beta of 2.73. The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The business had revenue of $38.64 million for the quarter, compared to analysts’ expectations of $30.20 million. During the same period last year, the business posted ($0.41) EPS. The company’s revenue for the quarter was up 257493.3% on a year-over-year basis. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -1 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 14,240 shares of Joby Aviation stock in a transaction dated Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the transaction, the insider owned 180,179 shares in the company, valued at $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Cahill Sciarra sold 62,500 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $7.96, for a total transaction of $497,500.00. Following the completion of the transaction, the director owned 55,765,557 shares of the company’s stock, valued at $443,893,833.72. This represents a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 275,569 shares of company stock valued at $2,511,445. 20.35% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Lingotto Investment Management LLP boosted its stake in Joby Aviation by 34.2% in the fourth quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after acquiring an additional 799,260 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Joby Aviation by 30.6% during the second quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company’s stock worth $3,148,000 after purchasing an additional 82,737 shares in the last quarter. DNB Asset Management AS lifted its holdings in shares of Joby Aviation by 16.3% during the 4th quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after purchasing an additional 51,344 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after purchasing an additional 2,540,382 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Joby Aviation in the 4th quarter worth $32,269,000. Institutional investors 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.