Joby Aviation (NYSE:JOBY) Stock Price Down 5.7% - Here's What Happened

Key Points

• Joby Aviation's shares fell by 5.7% to $13.34, with trading volume dropping by 60% compared to the average daily volume.
• Several analysts downgraded their ratings for Joby Aviation, with consensus reflecting a "Hold" rating and a price target of $10.50.
• The company reported a significant drop in revenue, down 94.6% on a year-over-year basis, and missed earnings estimates.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price traded down 5.7% during trading on Tuesday . The stock traded as low as $13.09 and last traded at $13.34. 8,530,195 shares changed hands during trading, a decline of 60% from the average session volume of 21,344,324 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

A number of brokerages have weighed in on JOBY. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. Cantor Fitzgerald reiterated a "neutral" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $10.50.

Joby Aviation Trading Up 0.4%

The stock has a market cap of $11.21 billion, a P/E ratio of -12.24 and a beta of 2.50. The company's 50 day moving average price is $14.98 and its two-hundred day moving average price is $9.71.

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). Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The business had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter last year, the firm posted ($0.18) earnings per share. The business's quarterly revenue was down 94.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Eric Allison sold 27,538 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $11.97, for a total value of $329,629.86. Following the completion of the sale, the insider owned 660,076 shares in the company, valued at $7,901,109.72. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $14.35, for a total transaction of $7,175,014.35. Following the sale, the director owned 56,828,058 shares in the company, valued at approximately $815,482,632.30. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,444,313 shares of company stock worth $28,868,184. Company insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after buying an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC raised its holdings in Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Joby Aviation in the second quarter valued at about $39,000. Solstein Capital LLC purchased a new position in shares of Joby Aviation in the second quarter valued at about $47,000. Finally, Toronto Dominion Bank bought a new position in shares of Joby Aviation in the fourth quarter worth about $41,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.