Joby Aviation (NYSE:JOBY) Stock Price Down 2.7% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares fell 2.7% during mid-day trading on Friday . The company traded as low as $14.13 and last traded at $14.3980. 20,312,787 shares were traded during mid-day trading, a decline of 25% from the average session volume of 27,219,330 shares. The stock had previously closed at $14.79.

Analysts Set New Price Targets

Several brokerages recently commented on JOBY. Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and lifted their price objective for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Morgan Stanley boosted their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $14.00.

Joby Aviation Price Performance

The stock has a 50 day moving average price of $15.93 and a two-hundred day moving average price of $13.17. The company has a market capitalization of $13.13 billion, a price-to-earnings ratio of -10.74 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. The firm’s quarterly revenue was up 7962.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.21) EPS. Sell-side 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 Joby Aviation news, insider Kate Dehoff sold 20,824 shares of the company’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total transaction of $364,003.52. Following the transaction, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joeben Bevirt sold 32,284 shares of Joby Aviation stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $541,725.52. Following the completion of the sale, the chief executive officer directly owned 249,587 shares of the company’s stock, valued at $4,188,069.86. This trade represents a 11.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,657,424 shares of company stock valued at $25,068,869 over the last three months. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. CWM LLC raised its holdings in Joby Aviation by 8.1% during the 2nd quarter. CWM LLC now owns 9,156 shares of the company’s stock worth $97,000 after purchasing an additional 689 shares during the last quarter. GPS Wealth Strategies Group LLC grew its position in shares of Joby Aviation by 22.5% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company’s stock worth $61,000 after buying an additional 697 shares during the period. Asset Planning Inc raised its stake 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 buying an additional 700 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Joby Aviation by 4.6% in the third quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock valued at $270,000 after buying an additional 736 shares during the period. Finally, Allworth Financial LP lifted its holdings in Joby Aviation by 11.9% in the second quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock valued at $76,000 after buying an additional 763 shares during the period. Institutional investors own 52.85% of the company’s stock.

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.