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

Key Points

• Joby Aviation shares experienced a gap up, opening at $14.35 from a previous close of $13.42, with recent trading volume at 12,380,980 shares.
• Analysts have downgraded the stock multiple times, with a consensus target price of $10.50, and a notable downgrade from Canaccord Genuity from "buy" to "hold" with an increased price target of $17.00.
• Joby Aviation reported a quarterly loss of ($0.24) EPS, significantly missing analyst estimates, and a revenue drop of 94.6% compared to the same quarter last year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $13.42, but opened at $14.35. Joby Aviation shares last traded at $14.17, with a volume of 12,380,980 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on JOBY shares. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and lifted their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Joby Aviation currently has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Price Performance

The company has a market capitalization of $11.51 billion, a P/E ratio of -12.57 and a beta of 2.50. The firm's 50-day moving average is $15.18 and its 200-day moving average is $9.85.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The business's quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.18) EPS. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Allison sold 27,538 shares of the business's stock in a transaction dated Monday, July 14th. The stock was 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. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider owned 203,588 shares in the company, valued at $2,196,714.52. The trade was a 59.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,444,313 shares of company stock valued at $28,868,184. Insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently modified their holdings of JOBY. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Joby Aviation in the 4th quarter worth about $121,000. Deutsche Bank AG raised its position in Joby Aviation by 26.0% in the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock worth $2,852,000 after purchasing an additional 72,329 shares during the period. GAMMA Investing LLC lifted its stake in Joby Aviation by 5,161.0% in the first quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after purchasing an additional 33,443 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Joby Aviation during the fourth quarter valued at approximately $495,000. Finally, California State Teachers Retirement System boosted its position in shares of Joby Aviation by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after buying an additional 2,065 shares during the period. 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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