Brokerages Set Joby Aviation, Inc. (NYSE:JOBY) Price Target at $10.50

Key Points

• Joby Aviation, Inc. has received an average rating of "Hold" from six brokerages, with one sell rating, four hold ratings, and one buy rating, alongside a 12-month price target of $10.50.
• Recent insider trading shows significant share sales, with one insider selling 20,823 shares and another selling 173,456 shares, indicating a combined decrease in their holdings of over 45%.
• Joby Aviation reported a quarterly revenue of $0.02 million, down 94.6% year-over-year, and missed EPS estimates with a report of ($0.24), falling short of the anticipated ($0.18).

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) have received a consensus recommendation of "Hold" from the six research firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $10.50.

Several analysts have issued reports on the stock. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd.

Joby Aviation Stock Performance

JOBY traded down $0.03 on Monday, hitting $13.43. 26,565,265 shares of the company were exchanged, compared to its average volume of 26,632,194. The business's fifty day moving average is $15.11 and its 200 day moving average is $9.83. Joby Aviation has a fifty-two week low of $4.78 and a fifty-two week high of $20.95. The firm has a market capitalization of $11.49 billion, a P/E ratio of -12.55 and a beta of 2.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The company had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. During the same quarter in the previous year, the company posted ($0.18) earnings per share. The company's quarterly revenue was down 94.6% compared to the same quarter last year. Analysts forecast that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Eric Allison sold 27,538 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the sale, the insider owned 660,076 shares of the company's stock, valued at $7,901,109.72. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregory Bowles sold 7,754 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $14.80, for a total transaction of $114,759.20. Following the completion of the sale, the insider directly owned 153,280 shares in the company, valued at $2,268,544. This trade represents a 4.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,444,313 shares of company stock valued at $28,868,184. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC lifted its stake in shares of Joby Aviation by 8.1% during the second quarter. CWM LLC now owns 9,156 shares of the company's stock valued at $97,000 after buying an additional 689 shares during the period. GPS Wealth Strategies Group LLC lifted its stake in shares of Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after buying an additional 750 shares during the period. Allworth Financial LP lifted its stake in shares of Joby Aviation by 11.9% during the second quarter. Allworth Financial LP now owns 7,197 shares of the company's stock valued at $76,000 after buying an additional 763 shares during the period. Flagship Harbor Advisors LLC lifted its stake in shares of Joby Aviation by 2.6% during the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock valued at $335,000 after buying an additional 800 shares during the period. Finally, EP Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 2.2% during the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock valued at $403,000 after buying an additional 821 shares during the period. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.