Joby Aviation (NYSE:JOBY) Shares Down 8.8% - Here's Why

Key Points

• Joby Aviation's shares dropped 8.8% during trading, with the stock closing at $16.05 after hitting a low of $15.98.
• Recent analyst downgrades include a shift from "buy" to "neutral" by HC Wainwright and a reduction from "hold" to "strong sell" by Zacks Research, affecting Joby's forecast and ratings.
• Joby's latest quarterly earnings showed a significant revenue decline of 94.6% year-over-year, leading to a per-share loss greater than analyst expectations.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) was down 8.8% during trading on Thursday . The company traded as low as $15.98 and last traded at $16.05. Approximately 35,608,854 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 25,605,330 shares. The stock had previously closed at $17.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on JOBY shares. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Zacks Research downgraded shares of Joby Aviation from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Morgan Stanley increased their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, October 9th. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Joby Aviation in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Joby Aviation presently has a consensus rating of "Reduce" and an average target price of $11.83.

Joby Aviation Trading Down 8.8%

The stock has a market cap of $13.74 billion, a price-to-earnings ratio of -15.00 and a beta of 2.52. The stock's 50 day moving average is $15.66 and its two-hundred day moving average is $11.57.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. Joby Aviation's revenue for the quarter was down 94.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.18) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 32,284 shares of the firm's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $541,725.52. Following the completion of the sale, the chief executive officer owned 249,587 shares in the company, valued at approximately $4,188,069.86. This trade represents a 11.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 5,102 shares of the firm's stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $18.08, for a total transaction of $92,244.16. Following the completion of the sale, the insider owned 98,104 shares of the company's stock, valued at $1,773,720.32. This trade represents a 4.94% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,830,880 shares of company stock worth $28,060,985. 28.50% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after acquiring an additional 1,880 shares during the period. Hilltop National Bank acquired a new stake in shares of Joby Aviation in the third quarter valued at about $32,000. GPS Wealth Strategies Group LLC lifted its stake 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 period. GAMMA Investing LLC lifted its stake 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 period. Finally, Strs Ohio acquired a new stake in shares of Joby Aviation in the first quarter valued at about $37,000. 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.

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