Joby Aviation (NYSE:JOBY) Stock Price Down 1.3% - Here's What Happened

Key Points

• Joby Aviation's stock price fell by 1.3% during trading, closing at $17.14 after hitting a low of $16.48, with a trading volume increase of 64% over the average.
• Analysts have mixed ratings on Joby Aviation, with the consensus rating being "Reduce" and a price target averaging $11.83.
• The company reported a significant decline in revenue for the quarter, down 94.6% year-over-year, and had earnings per share of ($0.24), missing estimates by $0.06.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price dropped 1.3% during trading on Thursday . The company traded as low as $16.48 and last traded at $17.14. Approximately 40,146,537 shares were traded during mid-day trading, an increase of 64% from the average daily volume of 24,497,314 shares. The stock had previously closed at $17.37.

Analyst Upgrades and Downgrades

JOBY has been the topic of several analyst reports. 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 Joby Aviation from a "buy" rating to a "hold" rating and increased their target price for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price 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. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $11.83.

Joby Aviation Stock Down 1.3%

The firm has a market cap of $14.67 billion, a price-to-earnings ratio of -16.02 and a beta of 2.52. The company has a 50 day moving average of $15.81 and a 200 day moving average of $11.28.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its 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 business had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. During the same quarter last year, the business earned ($0.18) earnings per share. The business's revenue for the quarter was down 94.6% compared to the same quarter last year. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, CEO Joeben Bevirt sold 32,284 shares of the firm's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total transaction of $541,725.52. Following the sale, the chief executive officer owned 249,587 shares of the company's stock, valued at approximately $4,188,069.86. This trade represents a 11.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Gregory Bowles sold 4,776 shares of Joby Aviation stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the completion of the sale, the insider owned 156,464 shares in the company, valued at $2,830,433.76. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,330,881 shares of company stock valued at $33,997,315 over the last quarter. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC acquired a new position in Joby Aviation in the fourth quarter valued at approximately $121,000. GAMMA Investing LLC grew its stake in Joby Aviation by 5,161.0% in the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock valued at $205,000 after buying an additional 33,443 shares in the last quarter. Rhumbline Advisers grew its holdings in Joby Aviation by 5.4% during the 1st quarter. Rhumbline Advisers now owns 626,743 shares of the company's stock valued at $3,773,000 after buying an additional 32,324 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Joby Aviation by 31.4% during the first quarter. Exchange Traded Concepts LLC now owns 1,724,888 shares of the company's stock worth $10,384,000 after buying an additional 411,691 shares in the last quarter. Finally, JBR Co Financial Management Inc purchased a new position in Joby Aviation in the first quarter worth $62,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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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