Joby Aviation (NYSE:JOBY) Stock Price Down 2.6% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares were down 2.6% on Monday . The company traded as low as $8.33 and last traded at $8.54. Approximately 4,624,503 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 15,181,391 shares. The stock had previously closed at $8.76.

Analyst Ratings Changes

Several analysts have weighed in on JOBY shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Canaccord Genuity Group raised their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. HC Wainwright reiterated a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Joby Aviation from a "neutral" rating to an "underweight" rating and raised their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Finally, Needham & Company LLC upped their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $9.30.

Joby Aviation Price Performance

The business has a 50 day moving average of $8.20 and a 200 day moving average of $6.45. The company has a market cap of $6.29 billion, a PE ratio of -11.75 and a beta of 2.33.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. 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 previous year, the firm posted ($0.13) EPS. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total value of $262,303.37. Following the transaction, the insider now owns 137,097 shares of the company's stock, valued at approximately $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gregory Bowles sold 7,748 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the sale, the insider now owns 29,235 shares of the company's stock, valued at approximately $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 672,338 shares of company stock valued at $5,864,050 in the last three months. Company insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in JOBY. Amalgamated Bank increased its holdings in Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company's stock valued at $71,000 after buying an additional 4,391 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Joby Aviation by 142.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,200 shares of the company's stock valued at $129,000 after acquiring an additional 14,805 shares during the period. Hsbc Holdings PLC raised its holdings in Joby Aviation by 27.9% in the 2nd quarter. Hsbc Holdings PLC now owns 160,151 shares of the company's stock worth $802,000 after purchasing an additional 34,890 shares during the period. Xponance Inc. lifted its position in Joby Aviation by 52.0% during the second quarter. Xponance Inc. now owns 25,614 shares of the company's stock valued at $131,000 after purchasing an additional 8,759 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Joby Aviation by 28.7% during the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company's stock valued at $1,266,000 after purchasing an additional 55,340 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

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.