Joby Aviation (NYSE:JOBY) Shares Gap Down - Here's What Happened

Key Points

• Joby Aviation's stock gapped down significantly, opening at $16.86 after closing at $18.91, reflecting a decline in share price amid heavy trading volume of over 26 million shares.
• Multiple analysts have downgraded Joby Aviation's ratings recently, with reports indicating a consensus rating of "Reduce" and an average price target of $10.50.
• The company reported a substantial **94.6% decline** in revenue year-over-year and missed earnings expectations as analysts forecast a worse EPS of -0.69 for the current fiscal year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $18.91, but opened at $16.86. Joby Aviation shares last traded at $16.80, with a volume of 26,311,718 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Joby Aviation in a report on Saturday, September 27th. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $10.50.

Joby Aviation Trading Down 10.3%

The company has a market capitalization of $14.51 billion, a PE ratio of -15.83 and a beta of 2.52. The stock's 50-day moving average is $15.79 and its two-hundred day moving average is $11.16.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data 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 the consensus estimate of $0.05 million. During the same quarter in the prior year, the business earned ($0.18) earnings per share. Joby Aviation's revenue for the quarter was down 94.6% compared to the same quarter last year. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

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 shares were sold at an average price of $11.97, for a total value of $329,629.86. Following the transaction, the insider directly owned 660,076 shares in the company, valued at $7,901,109.72. This represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 253,600 shares of the company's stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the completion of the transaction, the chief executive officer owned 60,273,162 shares in the company, valued at $981,849,808.98. This represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,330,881 shares of company stock worth $33,997,315. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. EverSource Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after purchasing an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its position 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 last quarter. GAMMA Investing LLC lifted its position in Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after acquiring an additional 5,015 shares during the last quarter. Strs Ohio purchased a new stake in Joby Aviation during the first quarter valued at approximately $37,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Joby Aviation during the second quarter valued at approximately $39,000. 52.85% of the stock is currently owned by 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.

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