Joby Aviation (NYSE:JOBY) Sees Large Volume Increase - Here's What Happened

Key Points

• Joby Aviation experienced a significant increase in trading volume, with approximately 66.48 million shares changing hands, representing a 201% rise from the previous session.
• The company reported a loss of $0.24 per share for the recent quarter, which was below analysts' expectations, while experiencing a 94.6% decline in year-over-year revenue.
• Analysts have mixed ratings for Joby Aviation, with one upgrade to "buy", four holds, and one downgrade to "sell", resulting in an average rating of "Hold" with a consensus target price of $10.50.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) saw unusually-high trading volume on Friday . Approximately 66,481,093 shares traded hands during trading, an increase of 201% from the previous session's volume of 22,091,660 shares.The stock last traded at $13.93 and had previously closed at $13.68.

Analyst Upgrades and Downgrades

JOBY has been the topic of several recent analyst reports. Canaccord Genuity Group lowered shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their target price for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Joby Aviation presently has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Price Performance

The firm has a market capitalization of $11.92 billion, a PE ratio of -13.04 and a beta of 2.50. The business's 50-day moving average price is $15.31 and its 200-day moving average price is $9.92.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The business's revenue was down 94.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.18) earnings per share. Equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $14.35, for a total transaction of $7,175,014.35. Following the completion of the transaction, the director directly owned 56,828,058 shares of the company's stock, valued at approximately $815,482,632.30. This represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eric Allison sold 27,538 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $11.97, for a total value of $329,629.86. Following the transaction, the insider directly owned 660,076 shares of the company's stock, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,444,313 shares of company stock valued at $28,868,184. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Stifel Financial Corp lifted its holdings in shares of Joby Aviation by 61.4% in the fourth quarter. Stifel Financial Corp now owns 17,824 shares of the company's stock valued at $145,000 after purchasing an additional 6,778 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Joby Aviation in the fourth quarter valued at about $498,000. BNP Paribas Financial Markets purchased a new stake in shares of Joby Aviation in the fourth quarter valued at about $495,000. Captrust Financial Advisors purchased a new stake in shares of Joby Aviation in the fourth quarter valued at about $172,000. Finally, Cetera Investment Advisers boosted its stake in shares of Joby Aviation by 30.8% during the 4th quarter. Cetera Investment Advisers now owns 38,276 shares of the company's stock worth $311,000 after purchasing an additional 9,019 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

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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