Joby Aviation (NYSE:JOBY) Shares Down 2.4% - Should You Sell?

Key Points

• Joby Aviation's shares fell by 2.4% on Friday, with a trading volume that surged to 47 million shares, significantly higher than the average daily volume.
• Analysts have mixed opinions on the stock, with Zacks downgrading it to a "strong sell", while Morgan Stanley raised its price target to $15.00, indicating a cautious outlook.
• Joby Aviation reported a substantial year-over-year revenue decline of 94.6% in its latest quarterly earnings, missing estimates with revenues of just $0.02 million.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 2.4% on Friday . The stock traded as low as $15.23 and last traded at $15.68. Approximately 47,478,347 shares traded hands during trading, an increase of 85% from the average daily volume of 25,717,945 shares. The stock had previously closed at $16.07.

Wall Street Analyst Weigh In

JOBY has been the subject of several recent research reports. Zacks Research cut Joby Aviation from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Morgan Stanley upped their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Joby Aviation in a research report on Wednesday, October 8th. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of "Reduce" and a consensus price target of $11.83.

Joby Aviation Stock Down 2.4%

The firm has a market cap of $13.42 billion, a P/E ratio of -14.65 and a beta of 2.52. The firm has a fifty day moving average of $15.64 and a 200-day moving average of $11.64.

Joby Aviation (NYSE:JOBY - Get Free Report) last released 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). The business had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. The firm's revenue for the quarter was down 94.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.18) EPS. On average, equities analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 4,776 shares of the company's stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $18.09, for a total value of $86,397.84. Following the sale, the insider owned 156,464 shares in the company, valued at $2,830,433.76. This represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Allison sold 27,537 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares in the company, valued at $11,660,487.52. This represents a 3.82% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,830,880 shares of company stock valued at $28,060,985. Company insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 1,880 shares during the last quarter. Hilltop National Bank acquired a new position in shares of Joby Aviation in the third quarter valued at approximately $32,000. GPS Wealth Strategies Group LLC grew its position in shares of Joby Aviation by 32.0% in the second 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. GAMMA Investing LLC grew its position in shares of Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after purchasing an additional 5,015 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Joby Aviation in the first quarter valued at approximately $37,000. Institutional investors and hedge funds 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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