Joby Aviation, Inc. (NYSE:JOBY) Receives Consensus Recommendation of “Reduce” from Analysts

Joby Aviation, Inc. (NYSE:JOBY) has received an average rating of “Reduce” from the eight analysts that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $13.6429.

Several equities analysts have weighed in on JOBY shares. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Morgan Stanley decreased their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th.

Joby Aviation Stock Down 8.5%

Shares of NYSE JOBY opened at $6.65 on Thursday. The firm’s 50-day moving average is $9.14 and its two-hundred day moving average is $9.92. The company has a market capitalization of $6.54 billion, a PE ratio of -5.78 and a beta of 2.71. Joby Aviation has a 12-month low of $6.63 and a 12-month high of $20.95. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $20.17 million. During the same period last year, the company posted ($0.11) EPS. Equities analysts anticipate that Joby Aviation will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Rodrigo Brumana sold 78,489 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $11.30, for a total value of $886,925.70. Following the completion of the transaction, the chief financial officer owned 81,694 shares of the company’s stock, valued at $923,142.20. The trade was a 49.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the transaction, the director directly owned 55,911,391 shares in the company, valued at $672,054,919.82. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,125,580 shares of company stock valued at $12,172,117. 20.35% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EP Wealth Advisors LLC increased its stake in Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company’s stock valued at $403,000 after purchasing an additional 821 shares during the last quarter. Signaturefd LLC boosted its stake in Joby Aviation by 8.4% in the 4th quarter. Signaturefd LLC now owns 11,218 shares of the company’s stock worth $148,000 after buying an additional 872 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Joby Aviation by 38.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,256 shares of the company’s stock worth $56,000 after buying an additional 1,188 shares during the last quarter. Strs Ohio grew its holdings in Joby Aviation by 2.5% in the 1st quarter. Strs Ohio now owns 50,000 shares of the company’s stock valued at $413,000 after buying an additional 1,200 shares during the period. Finally, Scotia Capital Inc. increased its stake in shares of Joby Aviation by 8.1% during the 3rd quarter. Scotia Capital Inc. now owns 16,663 shares of the company’s stock valued at $269,000 after acquiring an additional 1,250 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.