Joby Aviation (NYSE:JOBY) Trading Down 1.2% - Here's What Happened

Key Points

• Joby Aviation's share price decreased by 1.2% to $17.80, with trading volume down 69% compared to its average.
• Several analysts have dropped their ratings for Joby Aviation, with Canaccord Genuity downgrading it from "buy" to "hold" and two analysts giving it a "sell" rating.
• The company reported earnings per share (EPS) of ($0.24), missing estimates and experiencing a 94.6% decline in revenue year-over-year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.2% during mid-day trading on Wednesday . The company traded as low as $17.71 and last traded at $17.80. Approximately 6,357,157 shares were traded during trading, a decline of 69% from the average daily volume of 20,837,789 shares. The stock had previously closed at $18.01.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of analyst reports. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and boosted their price target for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. upped their price objective on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a report on Friday, August 1st. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Stock Performance

The firm has a 50 day moving average of $13.29 and a 200-day moving average of $9.03. The stock has a market capitalization of $13.51 billion, a PE ratio of -15.93 and a beta of 2.52.

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

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the transaction, the director owned 57,328,059 shares of the company's stock, valued at approximately $709,721,370.42. This represents a 0.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Allison sold 27,538 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the completion of the sale, the insider directly owned 660,076 shares in the company, valued at $7,901,109.72. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,936,558 shares of company stock worth $21,551,263 in the last 90 days. Company insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC raised its position in Joby Aviation by 8.1% in the 2nd quarter. CWM LLC now owns 9,156 shares of the company's stock valued at $97,000 after purchasing an additional 689 shares during the last quarter. GPS Wealth Strategies Group LLC raised its position in Joby Aviation by 32.0% in 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 raised its position in Joby Aviation by 11.9% in 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 raised its position in Joby Aviation by 2.6% in 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 raised its position in Joby Aviation by 2.2% in 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. 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.