Joby Aviation (NYSE:JOBY) Shares Down 9% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 9% during trading on Thursday . The company traded as low as $9.30 and last traded at $9.4450. Approximately 37,086,045 shares traded 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.

Analyst Ratings Changes

A number of research analysts recently commented on JOBY shares. The Goldman Sachs Group initiated coverage on Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Canaccord Genuity Group restated a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $13.21.

Joby Aviation Price Performance

The stock has a 50 day moving average price of $14.14 and a two-hundred day moving average price of $15.23. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of -7.05 and a beta of 2.57.

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

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 28,260 shares of the stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total value of $415,987.20. Following the transaction, the insider directly owned 149,369 shares in the company, valued at approximately $2,198,711.68. This trade represents a 15.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 23,552 shares of the business’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $13.51, for a total value of $318,187.52. Following the sale, the chief executive officer owned 288,814 shares of the company’s stock, 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. In the last 90 days, insiders have sold 297,750 shares of company stock worth $4,138,695. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp boosted its position in shares of Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after purchasing an additional 1,348 shares in the last quarter. Asset Planning Inc boosted its stake in Joby Aviation by 70.0% in 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 during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after purchasing an additional 1,880 shares in the last quarter. Canton Hathaway LLC bought a new position in shares of Joby Aviation during the third quarter worth about $29,000. Finally, Strategic Advocates LLC bought a new stake in Joby Aviation in the 3rd quarter valued at approximately $29,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.