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

Key Points

• Joby Aviation carries a consensus analyst rating of "Reduce" from nine brokerages, with three sell ratings, four holds, and two buys. The average 12-month price target is about $13.06.
• The stock fell 4.4% and was trading around $9.28, well below its 200-day moving average of $11.43. Joby also remains highly volatile, with a beta of 2.66 and a 12-month range of $7.75 to $20.95.
• Recent earnings topped expectations, with Q1 EPS of -$0.12 versus estimates of -$0.21 and revenue of $24.25 million versus $20.17 million expected. However, insiders have been selling shares, including the CFO and CEO, while analysts still expect a full-year EPS loss.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) have earned a consensus rating of "Reduce" from the nine brokerages that are presently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $13.0625.

Several brokerages have recently issued reports on JOBY. Weiss Ratings cut shares of Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. Needham & Company LLC restated a "buy" rating and set a $18.00 target price on shares of Joby Aviation in a research report on Wednesday, May 6th. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating on the stock in a research report on Thursday, February 26th. Wall Street Zen raised shares of Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research note on Thursday, May 7th.

Joby Aviation Stock Down 4.4%

Shares of NYSE JOBY opened at $9.28 on Wednesday. The firm's 50-day moving average price is $9.74 and its 200-day moving average price is $11.43. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of -8.07 and a beta of 2.66. Joby Aviation has a 12-month low of $7.75 and a 12-month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to analysts' expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the prior year, the company earned ($0.11) EPS. On average, equities research analysts anticipate that Joby Aviation will post -0.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Rodrigo Brumana sold 78,489 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $11.30, for a total value of $886,925.70. Following the sale, the chief financial officer owned 81,694 shares of the company's stock, valued at approximately $923,142.20. This represents a 49.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer directly owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. This represents a 1.31% 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. In the last quarter, insiders have sold 1,566,838 shares of company stock valued at $16,167,306. 32.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GoalVest Advisory LLC raised its stake in shares of Joby Aviation by 2.1% in the fourth quarter. GoalVest Advisory LLC now owns 33,500 shares of the company's stock valued at $442,000 after acquiring an additional 700 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Joby Aviation by 4.6% in the third quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company's stock valued at $270,000 after acquiring an additional 736 shares during the period. Compagnie Lombard Odier SCmA raised its stake in shares of Joby Aviation by 15.3% in the third quarter. Compagnie Lombard Odier SCmA now owns 5,765 shares of the company's stock valued at $93,000 after acquiring an additional 765 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock valued at $403,000 after acquiring an additional 821 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Joby Aviation by 8.4% in the fourth quarter. Signaturefd LLC now owns 11,218 shares of the company's stock valued at $148,000 after acquiring an additional 872 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 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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