Joby Aviation (NYSE:JOBY) Shares Gap Down - Should You Sell?

Key Points

• Joby Aviation's stock experienced a significant drop, opening at $13.27 after closing at $14.15, with a total trading volume of 4,496,205 shares.
• Analyst ratings for Joby Aviation have been mostly downgraded, with HC Wainwright and Wall Street Zen lowering their ratings to "neutral" and "sell" respectively, while Cantor Fitzgerald set a price target of $9.00.
• Joby Aviation reported a loss of $0.24 EPS for the quarter, missing expectations and reflecting a 94.6% decrease in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $14.15, but opened at $13.27. Joby Aviation shares last traded at $13.27, with a volume of 4,496,205 shares traded.

Analyst Ratings Changes

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

Joby Aviation Stock Performance

The firm has a market cap of $11.38 billion, a PE ratio of -12.40 and a beta of 2.51. The firm's 50 day moving average price is $14.72 and its two-hundred day moving average price is $9.63.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data 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 return on equity of 71.29% and a negative net margin of 447,083.78%.The firm had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. During the same period last year, the firm posted ($0.18) earnings per share. Joby Aviation's revenue for the quarter was down 94.6% on a year-over-year basis. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 7,754 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $14.80, for a total value of $114,759.20. Following the sale, the insider owned 153,280 shares of the company's stock, valued at $2,268,544. This represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction on Monday, July 14th. The shares were sold at an average price of $11.97, for a total transaction of $329,629.86. Following the completion of the transaction, the insider owned 660,076 shares in the company, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,444,313 shares of company stock valued at $28,868,184. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in JOBY. Envestnet Asset Management Inc. purchased a new position in shares of Joby Aviation in the fourth quarter worth approximately $259,000. First Trust Advisors LP purchased a new position in Joby Aviation during the fourth quarter valued at approximately $85,000. Stifel Financial Corp grew its position in Joby Aviation by 61.4% in the fourth quarter. Stifel Financial Corp now owns 17,824 shares of the company's stock worth $145,000 after acquiring an additional 6,778 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Joby Aviation by 30.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 328,594 shares of the company's stock worth $2,672,000 after acquiring an additional 76,055 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Joby Aviation by 5.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 259,755 shares of the company's stock worth $2,112,000 after acquiring an additional 12,882 shares in the last quarter. 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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