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

Key Points

• Joby Aviation has a consensus analyst rating of "Reduce" from eight covering firms, with three sell ratings, three holds, and two buys. The average 1-year price target is about $13.64.
• The company reported better-than-expected quarterly results, posting EPS of -$0.12 versus estimates of -$0.21 and revenue of $24.25 million versus the expected $20.17 million. Analysts still expect the company to remain unprofitable this year.
• Shares traded around $8.45, near the lower end of their 52-week range, while insiders recently sold shares and institutional ownership remains significant at 52.85%. The stock also carries a high beta of 2.71, indicating elevated volatility.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) has been given an average recommendation of "Reduce" by the eight ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $13.6429.

A number of equities research analysts have issued reports on JOBY shares. Canaccord Genuity Group lowered their price target 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. Weiss Ratings downgraded Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Wednesday, May 6th. Morgan Stanley reduced 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. Finally, HC Wainwright reiterated a "buy" rating and set a $18.00 target price on shares of Joby Aviation in a report on Thursday, March 12th.

Joby Aviation Stock Down 0.5%

Shares of JOBY opened at $8.45 on Friday. Joby Aviation has a fifty-two week low of $7.75 and a fifty-two week high of $20.95. The company's fifty day moving average is $9.93 and its two-hundred day moving average is $10.79. The firm has a market cap of $8.31 billion, a PE ratio of -7.34 and a beta of 2.71. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period in the prior year, the firm posted ($0.11) EPS. Analysts forecast that Joby Aviation will post -0.83 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the transaction, the insider directly owned 676,008 shares of the company's stock, valued at $6,760,080. The trade was a 9.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the sale, the director owned 55,911,391 shares of the company's stock, valued at approximately $672,054,919.82. This represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,531,503 shares of company stock valued at $15,879,929 over the last quarter. 28.50% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its position in Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock valued at $512,000 after purchasing an additional 44,659 shares during the period. AQR Capital Management LLC purchased a new stake in shares of Joby Aviation in the first quarter worth about $273,000. Strs Ohio acquired a new stake in shares of Joby Aviation in the first quarter valued at about $37,000. Cetera Investment Advisers grew its stake in shares of Joby Aviation by 16.0% in the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock valued at $676,000 after buying an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Joby Aviation by 80.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company's stock valued at $7,920,000 after buying an additional 333,995 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.

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