Joby Aviation (NYSE:JOBY) Stock Price Down 3.5% - What's Next?

Key Points

• Joby Aviation's stock price fell by 3.5%, trading as low as $15.76, with a volume decline of 42% compared to its average daily volume.
• Several research firms changed their ratings on Joby, with Wall Street Zen downgrading it from "hold" to "sell" and Canaccord Genuity adjusting their target price to $17.00 while maintaining a "hold" rating.
• The company reported disappointing earnings, with a revenue of $0.02 million, down 94.6% year-over-year, and a consensus EPS estimate of -$0.69 for the current year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price dropped 3.5% during mid-day trading on Monday . The company traded as low as $15.76 and last traded at $16.04. Approximately 12,013,811 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 20,891,574 shares. The stock had previously closed at $16.63.

Wall Street Analyst Weigh In

Several research firms recently commented on JOBY. Wall Street Zen cut shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Canaccord Genuity Group cut shares of Joby Aviation from a "buy" rating to a "hold" rating and upped their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. Cantor Fitzgerald reiterated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Trading Down 4.4%

The business's fifty day moving average price is $13.46 and its 200 day moving average price is $9.10. The company has a market capitalization of $13.61 billion, a P/E ratio of -14.89 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%. The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same period in the previous year, the company posted ($0.18) EPS. The firm's revenue for the quarter was down 94.6% compared to the same quarter last year. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 20,823 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total value of $284,650.41. Following the sale, the insider owned 202,276 shares of the company's stock, valued at approximately $2,765,112.92. This represents a 9.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of the company's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the completion of the sale, the director directly owned 57,328,059 shares in the company, valued at approximately $709,721,370.42. The trade was a 0.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,936,558 shares of company stock worth $21,551,263 in the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in JOBY. CWM LLC raised its stake in shares of Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company's stock worth $97,000 after acquiring an additional 689 shares during the last quarter. GPS Wealth Strategies Group LLC raised its stake in shares of Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after acquiring an additional 750 shares during the last quarter. Allworth Financial LP raised its stake in shares of Joby Aviation by 11.9% in the second quarter. Allworth Financial LP now owns 7,197 shares of the company's stock worth $76,000 after acquiring an additional 763 shares during the last quarter. Flagship Harbor Advisors LLC raised its stake in shares of Joby Aviation by 2.6% in the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock worth $335,000 after acquiring an additional 800 shares during the last quarter. Finally, EP Wealth Advisors LLC raised its stake in shares of Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock worth $403,000 after acquiring an additional 821 shares during the last quarter. 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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