Joby Aviation (NYSE:JOBY) Stock Price Down 4.6% Following Weak Earnings

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 4.6% on Thursday following a weaker than expected earnings announcement. The company traded as low as $14.16 and last traded at $14.31. 39,064,950 shares changed hands during trading, an increase of 45% from the average session volume of 27,011,998 shares. The stock had previously closed at $15.00.

The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to the consensus estimate 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 firm posted ($0.21) earnings per share.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. HC Wainwright downgraded shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a research note on Wednesday, October 8th. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley upped their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Finally, Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and raised their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $14.00.

Insider Transactions at Joby Aviation

In related news, insider Gregory Bowles sold 4,776 shares of Joby Aviation stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total value of $86,397.84. Following the sale, the insider owned 156,464 shares of the company’s stock, valued at approximately $2,830,433.76. This trade represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 5,102 shares of Joby Aviation stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.08, for a total transaction of $92,244.16. Following the completion of the sale, the insider directly owned 98,104 shares in the company, valued at $1,773,720.32. This represents a 4.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,830,880 shares of company stock worth $28,060,985 in the last ninety days. Company insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Ring Mountain Capital LLC acquired a new position in Joby Aviation in the second quarter valued at about $211,000. Intech Investment Management LLC increased its stake in Joby Aviation by 70.4% during the first quarter. Intech Investment Management LLC now owns 307,135 shares of the company’s stock worth $1,849,000 after purchasing an additional 126,908 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Joby Aviation by 16.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 502,909 shares of the company’s stock worth $3,050,000 after purchasing an additional 71,695 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in Joby Aviation by 78,353.8% during the second quarter. Caitong International Asset Management Co. Ltd now owns 266,743 shares of the company’s stock worth $2,814,000 after purchasing an additional 266,403 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Joby Aviation by 54.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 23,112 shares of the company’s stock worth $139,000 after purchasing an additional 8,185 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Price Performance

The stock’s 50 day moving average is $15.71 and its two-hundred day moving average is $12.73. The stock has a market capitalization of $12.25 billion, a PE ratio of -13.37 and a beta of 2.52.

About Joby Aviation

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.