Joby Aviation (NYSE:JOBY) Shares Down 6.9% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) dropped 6.9% on Friday. The stock traded as low as $5.36 and last traded at $5.3530. Approximately 6,506,100 shares were traded during mid-day trading, a decline of 79% from the average session volume of 31,000,387 shares. The stock had previously closed at $5.75.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen cut shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Monday, September 21st. Cantor Fitzgerald reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, September 21st. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Finally, Susquehanna set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $12.72.

Joby Aviation Stock Down 8.1%

The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40. The stock has a market cap of $5.23 billion, a PE ratio of -5.32 and a beta of 2.66. The firm has a fifty day moving average of $6.90 and a 200 day moving average of $8.35.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The company had revenue of $38.64 million for the quarter, compared to analyst estimates of $30.20 million. During the same period in the previous year, the business posted ($0.41) EPS. The firm’s revenue for the quarter was up 257493.3% compared to the same quarter last year. On average, equities research analysts anticipate that Joby Aviation, Inc. will post -1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 10,890 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $5.95, for a total transaction of $64,795.50. Following the transaction, the insider owned 241,923 shares of the company’s stock, valued at $1,439,441.85. This trade represents a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Sciarra sold 62,500 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $6.09, for a total value of $380,625.00. Following the completion of the transaction, the director directly owned 55,640,557 shares in the company, valued at approximately $338,850,992.13. The trade was a 0.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 969,809 shares of company stock valued at $6,230,389 in the last 90 days. Company insiders own 20.35% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Joby Aviation during the 4th quarter worth $28,000. Ancora Advisors LLC acquired a new position in shares of Joby Aviation during the second quarter worth about $27,000. Leonteq Securities AG raised its holdings in Joby Aviation by 295.2% during the first quarter. Leonteq Securities AG now owns 4,351 shares of the company’s stock worth $36,000 after purchasing an additional 3,250 shares in the last quarter. Western Wealth Management LLC purchased a new position in Joby Aviation during the first quarter worth about $37,000. Finally, Geneos Wealth Management Inc. lifted its position in Joby Aviation by 95.5% in the first quarter. Geneos Wealth Management Inc. now owns 5,385 shares of the company’s stock valued at $44,000 after purchasing an additional 2,630 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.