Joby Aviation (NYSE:JOBY) Cut to Strong Sell at Zacks Research

Key Points

• Joby Aviation has been downgraded by Zacks Research from a "hold" rating to a "strong sell" rating, indicating growing concerns about the company's future performance.
• Despite the downgrade, analysts have varied opinions on the stock, with a mix of buy, hold, and sell ratings, and a consensus target price of $11.83.
• Joby Aviation reported a significant 94.6% decline in revenue year-over-year, contributing to a disappointing quarterly earnings performance.

Joby Aviation (NYSE:JOBY - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Tuesday,Zacks.com reports.

JOBY has been the topic of a number of other research reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Finally, Morgan Stanley increased their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $11.83.

Joby Aviation Price Performance

Shares of JOBY stock opened at $17.59 on Tuesday. The firm has a fifty day moving average of $15.66 and a two-hundred day moving average of $11.57. The firm has a market cap of $15.05 billion, a P/E ratio of -16.44 and a beta of 2.52. Joby Aviation has a 1-year low of $4.80 and a 1-year high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. The business's revenue was down 94.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) earnings per share. On average, sell-side analysts expect that Joby Aviation will post -0.69 EPS for the current year.

Insiders Place Their Bets

In related news, insider Eric Allison sold 27,537 shares of Joby Aviation stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the sale, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. This trade represents a 3.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 5,102 shares of the business's stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $18.08, for a total transaction of $92,244.16. Following the transaction, the insider directly owned 98,104 shares of the company's stock, valued at $1,773,720.32. The trade was a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,830,880 shares of company stock worth $28,060,985. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its position in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after acquiring an additional 1,880 shares during the period. Hilltop National Bank bought a new stake in shares of Joby Aviation during the third quarter valued at about $32,000. GPS Wealth Strategies Group LLC lifted its holdings in Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares during the period. GAMMA Investing LLC grew its position in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after buying an additional 5,015 shares in the last quarter. Finally, Strs Ohio acquired a new position in Joby Aviation during the 1st quarter valued at about $37,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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