Joby Aviation (NYSE:JOBY) Shares Gap Down - What's Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $8.86, but opened at $8.65. Joby Aviation shares last traded at $9.03, with a volume of 6,556,998 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group upped their target price on Joby Aviation from $11.50 to $12.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, HC Wainwright reissued a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Joby Aviation has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.

Joby Aviation Stock Down 2.8%

The stock has a 50-day moving average price of $6.39 and a 200 day moving average price of $7.22. The firm has a market capitalization of $6.79 billion, a PE ratio of -12.32 and a beta of 2.34.

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

Insiders Place Their Bets

In other news, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $1,130,002.26. Following the transaction, the director now directly owns 58,494,728 shares of the company's stock, valued at approximately $396,594,255.84. This represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bonny W. Simi sold 9,695 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $65,732.10. Following the transaction, the insider now owns 146,941 shares in the company, valued at approximately $996,259.98. The trade was a 6.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 753,726 shares of company stock worth $4,658,913. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toyota Motor Corp bought a new position in Joby Aviation in the fourth quarter valued at approximately $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation in the 4th quarter worth about $207,842,000. Vanguard Group Inc. increased its stake 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 purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after acquiring an additional 3,272,597 shares during the period. Finally, Nuveen LLC purchased a new stake in Joby Aviation during the first quarter valued at about $18,936,000. 52.85% of the stock is 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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