Joby Aviation (NYSE:JOBY) Shares Down 3.8% - What's Next?

Key Points

• Joby Aviation's stock price fell by 3.8%, dropping to $17.41, with a total volume of 11.65 million shares traded, significantly lower than the average session volume.
• Analyst ratings for Joby Aviation show mixed sentiments, with one upgrade to "hold" and target prices ranging between $7.00 and $13.00, leading to an average consensus price target of $9.33.
• Institutional investors hold 52.85% of Joby Aviation's stock, with several firms increasing their positions, indicating ongoing interest in the company despite its stock fluctuations.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price traded down 3.8% during mid-day trading on Monday . The stock traded as low as $17.44 and last traded at $17.41. 11,652,481 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 19,548,008 shares. The stock had previously closed at $18.10.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $12.00 target price on shares of Joby Aviation in a report on Wednesday, June 4th. Wall Street Zen raised shares of Joby Aviation from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $13.00 target price (up from $9.00) on shares of Joby Aviation in a report on Monday, June 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Joby Aviation has an average rating of "Hold" and an average target price of $9.33.

Joby Aviation Price Performance

The firm's 50-day moving average is $10.61 and its 200-day moving average is $8.19. The company has a market capitalization of $13.39 billion, a P/E ratio of -20.10 and a beta of 2.47.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates 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 last year, the company earned ($0.14) earnings per share. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul Cahill Sciarra sold 500,001 shares of the company's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the sale, the director owned 57,328,059 shares of the company's stock, valued at $709,721,370.42. This represents a 0.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Bonny W. Simi sold 300,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the sale, the insider directly owned 203,588 shares in the company, valued at approximately $2,196,714.52. The trade was a 59.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,867,653 shares of company stock valued at $19,256,442 in the last quarter. Company insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of the business. Toyota Motor Corp purchased a new stake in shares of Joby Aviation in the fourth quarter valued at $640,259,000. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after purchasing an additional 6,388,232 shares during the last quarter. Uber Technologies Inc bought a new position in shares of Joby Aviation in the fourth quarter worth about $207,842,000. Geode Capital Management LLC grew its holdings in shares of Joby Aviation by 8.7% in the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock worth $83,015,000 after purchasing an additional 817,638 shares during the last quarter. Finally, Rheos Capital Works Inc. grew its holdings in shares of Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after purchasing an additional 2,650,000 shares during the last quarter. Hedge funds and other 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.