Joby Aviation (NYSE:JOBY) Stock Picked Up by Analysts at Barclays

Key Points

• Barclays initiated coverage of Joby Aviation with an “underweight” rating and a $4 price target, implying roughly 24% downside from the prior close.
• Joby shares fell 8.4% to $5.27, while the broader analyst view remains cautious: the stock has a consensus “Reduce” rating and a $12.72 average target.
• The company reported a quarterly EPS loss of $0.25, missing estimates, despite revenue of $38.64 million exceeding expectations; insiders have sold nearly 970,000 shares over the past 90 days.

Equities researchers at Barclays started coverage on shares of Joby Aviation (NYSE:JOBY - Get Free Report) in a research report issued on Friday, MarketBeat reports. The brokerage set an "underweight" rating and a $4.00 price target on the stock. Barclays's price objective would indicate a potential downside of 24.03% from the company's previous close.

Other analysts have also issued research reports about the company. HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Monday, September 21st. Weiss Ratings raised Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald reissued a "neutral" rating on shares of Joby Aviation in a research note on Monday, September 21st. Wall Street Zen lowered Joby Aviation from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Finally, Needham & Company LLC dropped their price objective on Joby Aviation from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $12.72.

Joby Aviation Trading Down 8.4%

NYSE JOBY traded down $0.49 during trading on Friday, hitting $5.27. 8,230,015 shares of the company's stock traded hands, compared to its average volume of 31,000,387. The stock has a fifty day moving average of $6.90 and a two-hundred day moving average of $8.35. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98. Joby Aviation has a 12-month low of $5.33 and a 12-month high of $18.77. The firm has a market cap of $5.21 billion, a P/E ratio of -5.36 and a beta of 2.66.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The company had revenue of $38.64 million during the quarter, compared to analysts' expectations of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm's quarterly revenue was up 257493.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.41) EPS. As a group, sell-side analysts expect that Joby Aviation will post -1 EPS for the current year.

Insider Activity at Joby Aviation

In related news, insider Eric Allison sold 27,932 shares of the company's stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $7.53, for a total transaction of $210,327.96. Following the completion of the transaction, the insider owned 710,396 shares in the company, valued at $5,349,281.88. This represents a 3.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the company's stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total value of $110,075.20. Following the transaction, the insider owned 180,179 shares of the company's stock, valued at approximately $1,392,783.67. This represents a 7.32% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 969,809 shares of company stock valued at $6,230,389 over 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 added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its holdings in Joby Aviation by 30.6% in the second quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company's stock worth $3,148,000 after purchasing an additional 82,737 shares in the last quarter. SummitTX Capital L.P. bought a new position in Joby Aviation in the first quarter worth $1,127,000. Clear Street Group Inc. raised its holdings in Joby Aviation by 59.9% in the fourth quarter. Clear Street Group Inc. now owns 3,593,043 shares of the company's stock worth $47,428,000 after purchasing an additional 1,346,205 shares in the last quarter. Edgestream Partners L.P. bought a new position in Joby Aviation in the first quarter worth $1,189,000. Finally, Bank of New York Mellon Corp raised its holdings in Joby Aviation by 27.6% in the second quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company's stock worth $19,059,000 after purchasing an additional 462,585 shares in the last quarter. Institutional investors own 52.85% of the company's stock.

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.