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

Key Points

• Joby Aviation's stock price fell 3.5% to $18.89, following a trading volume increase of 20% compared to its average daily volume.
• Analyst ratings show a mixed outlook for Joby Aviation, with one Buy rating, four Holds, and two Sells, leading to a consensus rating of "Reduce" and an average price target of $10.50.
• Joby Aviation reported a loss of $0.24 EPS for the last quarter, which was below analysts' expectations and a significant 94.6% decrease in revenue compared to the same period last year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 3.5% during trading on Tuesday . The stock traded as low as $18.85 and last traded at $18.89. Approximately 28,776,406 shares were traded during trading, an increase of 20% from the average daily volume of 23,933,178 shares. The stock had previously closed at $19.57.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and boosted their price objective for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Saturday, September 27th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target of $10.50.

Joby Aviation Stock Down 3.5%

The company has a market cap of $16.17 billion, a price-to-earnings ratio of -17.66 and a beta of 2.52. The business has a 50-day simple moving average of $15.75 and a two-hundred day simple moving average of $11.11.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same quarter last year, the company posted ($0.18) earnings per share. The business's revenue was down 94.6% compared to the same quarter last year. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Didier Papadopoulos sold 5,102 shares of the company's stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $18.08, for a total transaction of $92,244.16. Following the completion of the sale, the insider directly owned 98,104 shares in the company, valued at $1,773,720.32. This represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Allison sold 6,715 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $112,677.70. Following the transaction, the insider directly owned 666,416 shares of the company's stock, valued at $11,182,460.48. This represents a 1.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,330,881 shares of company stock valued at $33,997,315 in the last three months. Company insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after acquiring an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC grew its position in Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares during the last quarter. GAMMA Investing LLC increased its holdings 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 worth $34,000 after purchasing an additional 5,015 shares during the period. Strs Ohio acquired a new position in shares of Joby Aviation during the first quarter valued at about $37,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Joby Aviation during the second quarter valued at about $39,000. 52.85% of the stock is owned by institutional investors.

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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