Joby Aviation (NYSE:JOBY) Stock Price Down 2.7% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 2.7% during trading on Friday . The stock traded as low as $8.58 and last traded at $8.61. Approximately 6,621,579 shares were traded during trading, a decline of 53% from the average daily volume of 14,064,068 shares. The stock had previously closed at $8.84.

Analyst Ratings Changes

JOBY has been the topic of several research analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $12.00 target price on shares of Joby Aviation in a research report on Wednesday, June 4th. Morgan Stanley restated an "equal weight" rating and set a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. HC Wainwright restated a "buy" rating and set a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Finally, Cantor Fitzgerald lowered shares of Joby Aviation from an "overweight" rating to a "neutral" rating and set a $9.00 target price on the stock. in a research report on Thursday, June 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $9.33.

Joby Aviation Stock Performance

The firm's 50-day moving average is $7.20 and its 200 day moving average is $7.39. The firm has a market capitalization of $6.80 billion, a PE ratio of -10.24 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data 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 447,083.78% and a negative return on equity of 63.27%. During the same period last year, the firm posted ($0.14) EPS. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $396,594,255.84. This represents a 0.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Motor Corp/ Toyota bought 49,701,790 shares of Joby Aviation stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the completion of the acquisition, the director now owns 122,573,621 shares in the company, valued at $616,545,313.63. This represents a 68.20% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 755,633 shares of company stock worth $4,682,298 in the last three months. Corporate insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. GAMMA Investing LLC increased its stake in shares of Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after acquiring an additional 5,015 shares during the last quarter. Strs Ohio acquired a new position in shares of Joby Aviation during the 1st quarter valued at about $37,000. Whittier Trust Co. acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $38,000. Toronto Dominion Bank acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $41,000. 52.85% of the stock is currently owned by hedge funds and other 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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