Joby Aviation (NYSE:JOBY) Stock Price Down 7% - Here's Why

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) fell 7% on Friday . The stock traded as low as $7.95 and last traded at $7.93. 8,001,053 shares were traded during trading, a decline of 37% from the average session volume of 12,608,074 shares. The stock had previously closed at $8.52.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of analyst reports. Canaccord Genuity Group upped their price target on Joby Aviation from $11.50 to $12.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. HC Wainwright reissued a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, April 30th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $8.67.

Joby Aviation Stock Down 8.3%

The company has a 50-day moving average price of $6.45 and a 200 day moving average price of $7.24. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of -11.16 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the business earned ($0.14) EPS. Equities analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 101,652 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $6.66, for a total transaction of $677,002.32. Following the transaction, the chief executive officer now directly owns 60,526,762 shares in the company, valued at approximately $403,108,234.92. The trade was a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Motor Corp/ Toyota bought 49,701,790 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average cost of $5.03 per share, for a total transaction of $250,000,003.70. Following the acquisition, the director now directly owns 122,573,621 shares in the company, valued at $616,545,313.63. This trade represents a 68.20% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 753,726 shares of company stock worth $4,658,913 in the last quarter. Corporate insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the company. Toyota Motor Corp bought a new position in shares of Joby Aviation in the 4th quarter worth approximately $640,259,000. Uber Technologies Inc bought a new position in Joby Aviation during the 4th quarter valued at approximately $207,842,000. Vanguard Group Inc. increased its position in Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after buying an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC increased its position 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 buying an additional 3,272,597 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Joby Aviation during the 1st quarter valued at $18,936,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.