Joby Aviation (NYSE:JOBY) Trading Down 2.6% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) was down 2.6% during mid-day trading on Thursday . The company traded as low as $11.08 and last traded at $11.1290. Approximately 23,501,535 shares changed hands during trading, a decline of 16% from the average daily volume of 27,982,219 shares. The stock had previously closed at $11.43.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. Finally, Morgan Stanley dropped their target price on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and an average target price of $13.06.

Joby Aviation Trading Down 14.2%

The business’s 50-day moving average price is $9.69 and its two-hundred day moving average price is $11.51. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The company has a market capitalization of $9.40 billion, a price-to-earnings ratio of -8.31 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The business had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same period last year, the firm posted ($0.11) earnings per share. Research analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer directly owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director directly owned 55,911,391 shares in the company, valued at $672,054,919.82. This represents a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 1,505,784 shares of company stock worth $15,457,801. 28.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp raised its stake in Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after buying an additional 1,348 shares during the period. EverSource Wealth Advisors LLC grew its stake in 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 acquiring an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $28,000. Strategic Advocates LLC bought a new stake in shares of Joby Aviation during the third quarter valued at approximately $29,000. Finally, Pandora Wealth Inc. acquired a new position in shares of Joby Aviation during the fourth 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.