Joby Aviation (NYSE:JOBY) Shares Down 1% - Should You Sell?

Key Points

• Joby Aviation's stock price decreased by 1%, closing at $14.57, with trading volume significantly lower than average at 5,379,528 shares.
• Recent analysis from brokerages has resulted in mixed ratings, with jobs having a consensus rating of "Hold" and a target price of $10.50.
• The company's quarterly earnings report showed a larger-than-expected loss of ($0.24) per share, and revenue declined by 94.6% year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) fell 1% during trading on Thursday . The company traded as low as $14.37 and last traded at $14.57. 5,379,528 shares were traded during mid-day trading, a decline of 74% from the average session volume of 21,032,904 shares. The stock had previously closed at $14.72.

Analyst Upgrades and Downgrades

JOBY has been the topic of a number of recent analyst reports. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. JPMorgan Chase & Co. raised their price target 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. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, Canaccord Genuity Group lowered shares of Joby Aviation from a "buy" rating to a "hold" rating and lifted their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. One research 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 MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Stock Up 3.4%

The stock has a 50 day moving average of $14.05 and a 200 day moving average of $9.33. The company has a market capitalization of $12.79 billion, a price-to-earnings ratio of -13.96 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.Joby Aviation's revenue was down 94.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.18) earnings per share. As a group, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 20,823 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $13.67, for a total value of $284,650.41. Following the transaction, the insider directly owned 202,276 shares of the company's stock, valued at approximately $2,765,112.92. The trade was a 9.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $12.38, for a total value of $6,190,012.38. Following the completion of the transaction, the director directly owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. This trade represents a 0.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,933,156 shares of company stock valued at $21,528,877. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently added to or reduced their stakes in JOBY. CWM LLC grew its holdings in Joby Aviation by 8.1% during the second quarter. CWM LLC now owns 9,156 shares of the company's stock worth $97,000 after buying an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC increased its position in shares of Joby Aviation by 32.0% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares during the last quarter. Allworth Financial LP increased its position in shares of Joby Aviation by 11.9% during the 2nd quarter. Allworth Financial LP now owns 7,197 shares of the company's stock valued at $76,000 after purchasing an additional 763 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of Joby Aviation by 2.6% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock valued at $335,000 after purchasing an additional 800 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its position in shares of Joby Aviation by 2.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock valued at $403,000 after purchasing an additional 821 shares during the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.