Joby Aviation (NYSE:JOBY) Shares Down 1.6% - Time to Sell?

Key Points

• Joby Aviation's stock experienced a 1.6% decline during trading, closing at $17.09, with a significant trading volume of approximately 19.45 million shares.
• Analysts have issued mixed ratings for Joby Aviation, with a consensus rating of "Hold" and an average price target of $10.50, while some have downgraded the stock to a "Sell" rating.
• Joby reported a loss of ($0.24) EPS for the recent quarter, missing expectations and showing a year-over-year revenue decline of 94.6%.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.6% during trading on Friday . The stock traded as low as $16.92 and last traded at $17.09. Approximately 19,454,845 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 20,842,328 shares. The stock had previously closed at $17.37.

Wall Street Analyst Weigh In

JOBY has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. JPMorgan Chase & Co. raised their target price on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and increased their price objective for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. Finally, HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. 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.com, the company has a consensus rating of "Hold" and an average price target of $10.50.

Joby Aviation Price Performance

The company has a market capitalization of $13.42 billion, a P/E ratio of -15.94 and a beta of 2.52. The stock's 50 day moving average is $13.29 and its 200-day moving average is $9.03.

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 the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate 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 firm's revenue was down 94.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.18) EPS. On average, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 300,000 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider directly owned 203,588 shares in the company, valued at $2,196,714.52. This trade represents a 59.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the director owned 57,328,059 shares of the company's stock, valued at approximately $709,721,370.42. The trade was a 0.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,936,558 shares of company stock worth $21,551,263 over the last 90 days. Corporate insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Toyota Motor Corp bought a new position in shares of Joby Aviation during the fourth quarter valued at $640,259,000. Uber Technologies Inc bought a new stake in Joby Aviation during the 4th quarter valued at about $207,842,000. Nuveen Asset Management LLC increased its stake in Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Nuveen LLC bought a new stake in Joby Aviation during the 1st quarter valued at about $18,936,000. Finally, Rheos Capital Works Inc. increased its stake in Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock valued at $76,013,000 after purchasing an additional 2,650,000 shares in the last quarter. 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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