Joby Aviation (NYSE:JOBY) Shares Down 3.4% - What's Next?

Key Points

• Joby Aviation's shares fell by 3.4%, trading between $19.48 and $19.69, with a decline in trading volume compared to the average.
• Analyst ratings show a mixed outlook, with one firm issuing a "buy" rating with a target of $13.00, while others maintain lower targets and a consensus rating of "Hold."
• Joby Aviation reported a quarterly EPS of ($0.11), outperforming expectations, but has a significantly negative net margin of 447,083.78% and is expected to report -0.69 EPS for the current year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were down 3.4% during mid-day trading on Tuesday . The company traded as low as $19.48 and last traded at $19.69. Approximately 19,563,729 shares traded hands during trading, a decline of 4% from the average daily volume of 20,403,787 shares. The stock had previously closed at $20.39.

Analyst Ratings Changes

JOBY has been the subject of several recent research reports. Canaccord Genuity Group restated a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a research report on Wednesday, June 4th. JPMorgan Chase & Co. raised their price objective on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $13.00 price objective (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $9.67.

Joby Aviation Trading Down 6.0%

The firm has a market capitalization of $15.18 billion, a P/E ratio of -22.85 and a beta of 2.52. The business's 50 day simple moving average is $11.70 and its two-hundred day simple moving average is $8.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. During the same period in the prior year, the firm earned ($0.14) EPS. Analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 500,001 shares of the business's 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 directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Motor Corp/ Toyota acquired 49,701,790 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the acquisition, the director directly owned 122,573,621 shares of the company's stock, valued at $616,545,313.63. This trade represents a 68.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 1,867,653 shares of company stock valued at $19,256,442. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Sei Investments Co. acquired a new stake in shares of Joby Aviation in the fourth quarter worth about $244,000. LPL Financial LLC grew its stake in shares of Joby Aviation by 36.7% in the 4th quarter. LPL Financial LLC now owns 162,647 shares of the company's stock valued at $1,322,000 after purchasing an additional 43,644 shares during the period. JPMorgan Chase & Co. grew its position in Joby Aviation by 129.4% during the 4th quarter. JPMorgan Chase & Co. now owns 779,095 shares of the company's stock worth $6,334,000 after acquiring an additional 439,436 shares during the last quarter. Norges Bank acquired a new position in Joby Aviation during the 4th quarter worth $2,786,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Joby Aviation by 130.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 7,060 shares of the company's stock valued at $57,000 after purchasing an additional 4,000 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.