Joby Aviation (NYSE:JOBY) Trading Down 4.8% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 4.8% during trading on Monday . The company traded as low as $13.25 and last traded at $13.26. Approximately 14,016,629 shares traded hands during trading, a decline of 45% from the average daily volume of 25,344,895 shares. The stock had previously closed at $13.93.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of research analyst reports. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 target price on shares of Joby Aviation in a research report on Thursday, November 6th. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. JPMorgan Chase & Co. increased their price objective on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. Finally, Morgan Stanley lifted their price objective on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average price target of $13.43.

Joby Aviation Trading Down 4.8%

The company’s 50-day simple moving average is $14.45 and its 200 day simple moving average is $15.41.

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 the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to the consensus estimate of $0.02 million. During the same period in the previous year, the business posted ($0.21) EPS. The business’s quarterly revenue was up 7962.1% compared to the same quarter last year. Equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 110,173 shares of Joby Aviation stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total value of $1,525,896.05. Following the transaction, the insider owned 125,114 shares in the company, valued at $1,732,828.90. This trade represents a 46.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joeben Bevirt sold 23,552 shares of the company’s stock in a transaction dated 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 owned 288,814 shares of the company’s stock, valued at $3,901,877.14. This trade represents a 7.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 289,556 shares of company stock valued at $4,052,822. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently made changes to their positions in the business. Asset Planning Inc boosted its stake in Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after purchasing an additional 700 shares during the period. EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% in the 2nd 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 period. Canton Hathaway LLC acquired a new position in shares of Joby Aviation during the third quarter worth approximately $29,000. Strategic Advocates LLC bought a new stake in shares of Joby Aviation in the third quarter valued at approximately $29,000. Finally, Hilltop National Bank acquired a new stake in shares of Joby Aviation in the third quarter worth $32,000. 52.85% of the stock is currently owned by 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.