Joby Aviation, Inc. (NYSE:JOBY) Given Consensus Rating of “Reduce” by Analysts

Shares of Joby Aviation, Inc. (NYSE:JOBY) have been assigned a consensus rating of “Reduce” from the eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $13.6429.

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Morgan Stanley decreased their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Canaccord Genuity Group dropped their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Thursday, March 12th.

Insider Activity

In other Joby Aviation news, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94. Following the sale, the insider directly owned 182,319 shares in the company, valued at $2,091,198.93. The trade was a 2.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Didier Papadopoulos sold 5,999 shares of Joby Aviation stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $9.83, for a total value of $58,970.17. Following the sale, the insider owned 150,430 shares in the company, valued at $1,478,726.90. This represents a 3.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,531,503 shares of company stock worth $15,879,929 over the last quarter. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in Joby Aviation by 194.5% during the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock valued at $33,083,000 after acquiring an additional 2,645,200 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after purchasing an additional 2,540,382 shares during the last quarter. Man Group plc acquired a new stake in shares of Joby Aviation in the 3rd quarter valued at about $40,283,000. Norges Bank acquired a new stake in shares of Joby Aviation in the 4th quarter valued at about $32,269,000. Finally, Clear Street Group Inc. acquired a new stake in shares of Joby Aviation in the 3rd quarter valued at about $36,264,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Trading Down 0.5%

JOBY opened at $8.45 on Friday. The firm has a market capitalization of $8.31 billion, a P/E ratio of -7.34 and a beta of 2.71. The firm’s 50 day moving average is $9.93 and its 200-day moving average is $10.79. Joby Aviation has a 52-week low of $7.75 and a 52-week high of $20.95. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the prior year, the firm earned ($0.11) earnings per share. Analysts expect that Joby Aviation will post -0.83 EPS for the current fiscal year.

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.