Joby Aviation (NYSE:JOBY) Downgraded by Wall Street Zen to Sell

Key Points

• Joby Aviation was downgraded from a "hold" to a "sell" rating by Wall Street Zen, reflecting concerns from analysts about the company's current performance.
• Despite the downgrade, other brokerages have expressed varying levels of optimism, with HC Wainwright and Canaccord Genuity maintaining "buy" ratings and increasing their target prices.
• Joby Aviation's stock shows a significant price range in the past year, with a low of $4.66 and a high of $18.55, indicating volatility in investor sentiments.

Joby Aviation (NYSE:JOBY - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

A number of other brokerages have also recently commented on JOBY. HC Wainwright restated a "buy" rating and set a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. Canaccord Genuity Group reissued a "buy" rating and set a $12.00 price objective on shares of Joby Aviation in a research note on Wednesday, June 4th. JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday. Morgan Stanley reiterated an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $9.67.

Joby Aviation Price Performance

Shares of NYSE JOBY opened at $17.18 on Friday. Joby Aviation has a 1 year low of $4.66 and a 1 year high of $18.55. The company's 50-day moving average is $11.43 and its 200 day moving average is $8.44. The stock has a market capitalization of $13.60 billion, a P/E ratio of -20.45 and a beta of 2.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same quarter in the prior year, the business posted ($0.14) EPS. Research analysts anticipate that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Gregory Bowles sold 7,961 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $10.28, for a total transaction of $81,839.08. Following the completion of the transaction, the insider directly owned 153,280 shares of the company's stock, valued at $1,575,718.40. The trade was a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kate Dehoff sold 20,823 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total transaction of $284,650.41. Following the transaction, the insider owned 202,276 shares in the company, valued at approximately $2,765,112.92. This trade represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,867,653 shares of company stock worth $19,256,442 in the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in shares of Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after buying an additional 5,015 shares during the last quarter. Strs Ohio purchased a new position in Joby Aviation in the first quarter worth about $37,000. Ameritas Advisory Services LLC purchased a new position in Joby Aviation in the second quarter worth about $39,000. Toronto Dominion Bank bought a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. Institutional investors own 52.85% of the company's stock.

About Joby Aviation

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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