Joby Aviation (NYSE:JOBY) Trading Down 2.8% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) traded down 2.8% during trading on Friday . The company traded as low as $13.75 and last traded at $13.8650. 10,856,756 shares were traded during trading, a decline of 58% from the average session volume of 26,053,162 shares. The stock had previously closed at $14.27.

Analyst Ratings Changes

A number of equities analysts have issued reports on JOBY shares. JPMorgan Chase & Co. increased their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Needham & Company LLC reaffirmed 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 report on Wednesday, October 8th. Morgan Stanley raised their price objective 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. Finally, Zacks Research upgraded shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of $13.43.

Joby Aviation Stock Down 2.8%

The business’s 50 day simple moving average is $14.94 and its 200 day simple moving average is $14.57. The company has a market capitalization of $12.64 billion, a PE ratio of -10.35 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. During the same quarter in the prior year, the company earned ($0.21) EPS. Joby Aviation’s revenue for the quarter was up 7962.1% compared to the same quarter last year. On average, analysts anticipate 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, CEO Joeben Bevirt sold 253,600 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the transaction, the chief executive officer directly owned 60,273,162 shares of the company’s stock, valued at approximately $981,849,808.98. The trade was a 0.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total transaction of $463,723.08. Following the completion of the sale, the insider directly owned 692,428 shares of the company’s stock, valued at $11,660,487.52. This trade represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 588,994 shares of company stock valued at $9,660,128 in the last ninety days. Company insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

A number of institutional investors have recently bought and sold shares of JOBY. Asset Planning Inc raised its stake in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after purchasing an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after buying an additional 1,880 shares during the last quarter. Canton Hathaway LLC bought a new position in Joby Aviation during the third quarter valued at approximately $29,000. Strategic Advocates LLC acquired a new stake in Joby Aviation in the third quarter valued at approximately $29,000. Finally, Hilltop National Bank bought a new stake in Joby Aviation in the third quarter worth approximately $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.