Joby Aviation (NYSE:JOBY) Stock Price Down 2.2% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded down 2.2% on Wednesday . The stock traded as low as $7.01 and last traded at $7.04. 4,146,422 shares changed hands during trading, a decline of 65% from the average session volume of 11,800,898 shares. The stock had previously closed at $7.19.

Analysts Set New Price Targets

A number of brokerages recently weighed in on JOBY. Canaccord Genuity Group raised their price target on shares of Joby Aviation from $11.50 to $12.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $8.67.

Joby Aviation Trading Down 0.7%

The firm's 50-day moving average price is $6.22 and its 200 day moving average price is $7.08. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of -10.20 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, beating 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 company earned ($0.14) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Joeben Bevirt sold 10,785 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $80,132.55. Following the completion of the sale, the chief executive officer now directly owns 793,036 shares in the company, valued at approximately $5,892,257.48. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of Joby Aviation stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $5.73, for a total transaction of $955,001.91. Following the completion of the transaction, the director now owns 58,328,061 shares of the company's stock, valued at $334,219,789.53. This trade represents a 0.28% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 669,802 shares of company stock worth $4,114,387. Company insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of JOBY. Rheos Capital Works Inc. raised its stake in Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after buying an additional 350,000 shares in the last quarter. Hamilton Lane Advisors LLC acquired a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $418,000. Entropy Technologies LP acquired a new stake in shares of Joby Aviation in the fourth quarter valued at approximately $300,000. Raymond James Financial Inc. bought a new position in Joby Aviation during the fourth quarter worth $2,168,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock worth $31,661,000 after acquiring an additional 361,520 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

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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