Joby Aviation (NYSE:JOBY) Stock Price Down 6.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 6.2% on Monday . The stock traded as low as $15.60 and last traded at $16.2670. Approximately 41,941,101 shares were traded during trading, an increase of 56% from the average daily volume of 26,862,576 shares. The stock had previously closed at $17.34.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their target price on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday. HC Wainwright lowered shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research report on Thursday, August 7th. Morgan Stanley lifted their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, October 9th. Canaccord Genuity Group lowered shares of Joby Aviation from a “buy” rating to a “hold” rating and lifted their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $12.00.

Joby Aviation Stock Down 6.2%

The business has a 50-day moving average price of $15.66 and a two-hundred day moving average price of $12.58. The firm has a market cap of $13.92 billion, a PE ratio of -15.20 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same quarter in the prior year, the company earned ($0.18) earnings per share. The company’s revenue for the quarter was down 94.6% on a year-over-year basis. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 4,776 shares of the business’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the completion of the transaction, the insider owned 156,464 shares in the company, valued at approximately $2,830,433.76. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kate Dehoff sold 20,824 shares of the business’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. The trade was a 12.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,830,880 shares of company stock valued at $28,060,985. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently bought and sold shares of the stock. CWM LLC boosted its stake in Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after acquiring an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its stake in shares of Joby Aviation by 22.5% during the third 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 boosted 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 period. Allworth Financial LP boosted its stake in shares of Joby Aviation by 11.9% during the second quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock worth $76,000 after buying an additional 763 shares during the period. Finally, Flagship Harbor Advisors LLC boosted its stake in shares of Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company’s stock worth $335,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds 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.