Joby Aviation (NYSE:JOBY) Announces Quarterly Earnings Results

Joby Aviation (NYSE:JOBY) issued its quarterly earnings results on Tuesday. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03, Briefing.com reports. The business had revenue of $0.03 million for the quarter, compared to analysts’ expectations of $0.05 million. During the same quarter last year, the company earned ($0.16) earnings per share. The firm’s revenue for the quarter was down 97.5% on a year-over-year basis.

Joby Aviation Stock Performance

Shares of JOBY traded down $0.41 during midday trading on Wednesday, hitting $4.96. The company had a trading volume of 6,318,057 shares, compared to its average volume of 4,868,380. Joby Aviation has a 1 year low of $4.30 and a 1 year high of $11.98. The firm has a market capitalization of $3.49 billion, a P/E ratio of -6.16 and a beta of 2.04. The company’s 50-day simple moving average is $5.12 and its 200-day simple moving average is $5.71.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised shares of Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.67.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 5,448 shares of Joby Aviation stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $4.64, for a total value of $25,278.72. Following the completion of the transaction, the chief executive officer now owns 662,605 shares in the company, valued at $3,074,487.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Joeben Bevirt sold 5,448 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $4.64, for a total transaction of $25,278.72. Following the completion of the transaction, the chief executive officer now directly owns 662,605 shares of the company’s stock, valued at approximately $3,074,487.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 202,080 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $5.07, for a total value of $1,024,545.60. Following the completion of the transaction, the director now owns 59,994,725 shares in the company, valued at approximately $304,173,255.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 553,419 shares of company stock worth $2,836,610. Company insiders own 49.50% 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.