Joby Aviation, Inc. (NYSE:JOBY) Receives Consensus Rating of "Reduce" from Analysts

Key Points

• Analysts hold a consensus “Reduce” rating on Joby Aviation, with three sell, four hold, and two buy recommendations. The average 12-month price target is $13.81.
• Insiders sold approximately 905,002 shares worth $6.04 million over the past 90 days, primarily to cover tax obligations tied to equity awards; insiders retain a 20.35% ownership stake.
• JOBY opened at $6.18, near its 52-week low of $5.93. The company missed quarterly EPS expectations, reporting a $0.25 loss per share versus the $0.23 expected, despite revenue of $38.64 million exceeding estimates.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) have received an average recommendation of "Reduce" from the nine analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $13.8125.

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. Needham & Company LLC reduced their price target on Joby Aviation from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. HC Wainwright restated a "buy" rating on shares of Joby Aviation in a research note on Thursday, August 6th. Barclays raised Joby Aviation to a "hold" rating in a report on Wednesday, July 29th. Finally, Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th.

Insider Buying and Selling

In related news, insider Eric Allison sold 27,932 shares of the business's stock in a transaction dated Monday, July 13th. The stock was sold at an average price of $7.53, for a total value of $210,327.96. Following the completion of the transaction, the insider owned 710,396 shares of the company's stock, valued at $5,349,281.88. The trade was a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 dated Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total transaction of $110,075.20. Following the sale, the insider directly owned 180,179 shares of the company's stock, valued at $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 905,002 shares of company stock valued at $6,037,136 in the last ninety days. Insiders own 20.35% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Strs Ohio lifted its holdings in Joby Aviation by 2.5% in the first 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. PNC Financial Services Group Inc. raised its position in shares of Joby Aviation by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,304 shares of the company's stock worth $126,000 after acquiring an additional 1,532 shares in the last quarter. RFG Advisory LLC raised its position in shares of Joby Aviation by 12.3% in the 1st quarter. RFG Advisory LLC now owns 14,004 shares of the company's stock worth $116,000 after acquiring an additional 1,539 shares in the last quarter. IPG Investment Advisors LLC lifted its stake in shares of Joby Aviation by 16.4% in the 4th quarter. IPG Investment Advisors LLC now owns 13,150 shares of the company's stock valued at $174,000 after purchasing an additional 1,850 shares during the period. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Joby Aviation in the 4th quarter valued at about $28,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Trading Up 1.7%

JOBY stock opened at $6.18 on Friday. Joby Aviation has a 52 week low of $5.93 and a 52 week high of $19.98. The company has a market capitalization of $6.12 billion, a PE ratio of -6.25 and a beta of 2.68. The company's 50-day simple moving average is $7.31 and its 200 day simple moving average is $8.74. The company has a debt-to-equity ratio of 0.40, a quick ratio of 17.98 and a current ratio of 17.98.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $38.64 million during the quarter, compared to analyst estimates of $30.20 million. During the same quarter last year, the firm earned ($0.41) EPS. Joby Aviation's revenue for the quarter was up 257493.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Joby Aviation will post -1 earnings per share for the current year.

About Joby Aviation

Joby Aviation, Inc develops electric vertical takeoff and landing (eVTOL) aircraft intended to support commercial air-taxi services. Its aircraft are designed to take off and land vertically like helicopters while traveling with the speed and range of conventional aircraft, with the goal of providing quieter, lower-emission transportation for urban and regional journeys.

The company is pursuing an integrated business model that includes designing and manufacturing its aircraft, operating air-taxi services, and providing related technology and infrastructure.

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