Joby Aviation (NYSE:JOBY) Stock Price Down 9% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 9% during trading on Thursday . The stock traded as low as $9.30 and last traded at $9.4450. 37,086,045 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 33,330,109 shares. The stock had previously closed at $10.38.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Needham & Company LLC restated a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a research note on Monday, December 1st. They set a “sell” rating and a $10.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $13.21.

Joby Aviation Price Performance

The firm has a market capitalization of $9.59 billion, a PE ratio of -7.85 and a beta of 2.57. The company’s fifty day simple moving average is $13.97 and its 200-day simple moving average is $15.15.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million during the quarter, compared to the consensus estimate of $0.02 million. During the same period in the prior year, the business posted ($0.21) EPS. The company’s quarterly revenue was up 7962.1% compared to the same quarter last year. Analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 8,194 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $10.48, for a total transaction of $85,873.12. Following the completion of the sale, the insider directly owned 163,722 shares in the company, valued at approximately $1,715,806.56. This trade represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joeben Bevirt sold 23,552 shares of Joby Aviation stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.51, for a total transaction of $318,187.52. Following the sale, the chief executive officer directly owned 288,814 shares in the company, valued at approximately $3,901,877.14. The trade was a 7.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 297,750 shares of company stock worth $4,138,695 in the last 90 days. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently modified their holdings of the business. Sowell Financial Services LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at about $663,000. Pier 88 Investment Partners LLC purchased a new stake in Joby Aviation in the third quarter valued at approximately $635,000. Voya Investment Management LLC boosted its holdings in shares of Joby Aviation by 20.0% in the third quarter. Voya Investment Management LLC now owns 1,150,050 shares of the company’s stock valued at $18,562,000 after acquiring an additional 192,064 shares during the period. Valeo Financial Advisors LLC purchased a new stake in Joby Aviation in the 2nd quarter valued at $461,000. Finally, Udine Wealth Management Inc. purchased a new position in Joby Aviation during the 3rd quarter worth $1,414,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.