Joby Aviation (NYSE:JOBY) Reaches New 12-Month Low - Here's What Happened

Key Points

• Joby Aviation shares fell to a new 52-week low of $6.85, well below their 50-day and 200-day moving averages, amid heightened volatility.
• Analyst sentiment remains cautious: the consensus rating is “Reduce” with a $13.64 target price. Canaccord Genuity and Morgan Stanley recently cut their targets, while Needham maintained a Buy rating.
• Joby beat quarterly expectations with a loss of $0.12 per share versus an expected loss of $0.21 and revenue of $24.25 million, but it continues to post deeply negative margins. Insiders sold more than 1.1 million shares worth $12.2 million over the past three months, primarily under pre-arranged plans to cover tax obligations.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.85 and last traded at $6.8620, with a volume of 4712857 shares. The stock had previously closed at $7.27.

Analyst Upgrades and Downgrades

Several analysts have issued reports on JOBY shares. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research report on Thursday, May 7th. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Weiss Ratings upgraded Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Finally, Morgan Stanley dropped 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. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus target price of $13.64.

Joby Aviation Price Performance

The company's 50-day simple moving average is $9.20 and its 200-day simple moving average is $9.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The stock has a market capitalization of $6.61 billion, a price-to-earnings ratio of -5.85 and a beta of 2.71.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for 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 quarter in the prior year, the business earned ($0.11) earnings per share. Research analysts forecast that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 4,724 shares of the company's stock in a transaction on Monday, July 6th. The stock was sold at an average price of $9.10, for a total value of $42,988.40. Following the transaction, the insider directly owned 188,936 shares of the company's stock, valued at $1,719,317.60. This represents a 2.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the transaction, the insider owned 180,179 shares in the company, valued at $1,392,783.67. The trade was a 7.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,125,580 shares of company stock worth $12,172,117 over the last three months. 20.35% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its position in shares of Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock valued at $26,000 after buying an additional 1,348 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after buying an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Joby Aviation during the fourth quarter worth approximately $28,000. Pandora Wealth Inc. acquired a new stake in Joby Aviation during the fourth quarter worth approximately $32,000. Finally, DV Equities LLC bought a new position in Joby Aviation during the 4th quarter worth $33,000. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

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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