Joby Aviation (NYSE:JOBY) Stock Price Down 3.9% - Here's Why

Key Points

• Joby Aviation's stock price fell by 3.9% to $14.27, with a trading volume decline of 52% compared to its average.
• Recent analyst reports have resulted in revisions of ratings for Joby Aviation, including a downgrade to "sell" by Wall Street Zen, while Cantor Fitzgerald set a price target of $9.00.
• Joby reported a significant revenue decline of 94.6% year-over-year, with earnings per share missing analysts' estimates at ($0.24).

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 3.9% during trading on Wednesday . The company traded as low as $14.10 and last traded at $14.27. Approximately 10,138,915 shares changed hands during trading, a decline of 52% from the average daily volume of 20,968,066 shares. The stock had previously closed at $14.85.

Wall Street Analysts Forecast Growth

JOBY has been the topic of a number of recent research reports. Wall Street Zen cut Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. JPMorgan Chase & Co. upped their price target on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Joby Aviation presently has an average rating of "Hold" and an average price target of $10.50.

Joby Aviation Trading Down 3.1%

The business has a fifty day moving average price of $13.71 and a 200-day moving average price of $9.20. The stock has a market capitalization of $12.32 billion, a PE ratio of -13.43 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $0.05 million. During the same quarter in the previous year, the company posted ($0.18) earnings per share. Joby Aviation's revenue for the quarter was down 94.6% compared to the same quarter last year. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.25, for a total value of $2,992,116.00. Following the completion of the sale, the insider owned 211,397 shares in the company, valued at approximately $3,646,598.25. This trade represents a 45.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kate Dehoff sold 20,823 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $13.67, for a total value of $284,650.41. Following the completion of the transaction, the insider directly owned 202,276 shares of the company's stock, valued at $2,765,112.92. This represents a 9.33% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,936,558 shares of company stock worth $21,551,263. Insiders own 32.40% 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. Toyota Motor Corp purchased a new stake in Joby Aviation during the 4th quarter valued at $640,259,000. Uber Technologies Inc purchased a new position in shares of Joby Aviation in the 4th quarter worth $207,842,000. Nuveen Asset Management LLC boosted its stake in shares of Joby Aviation by 331.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company's stock worth $34,634,000 after buying an additional 3,272,597 shares during the last quarter. Nuveen LLC purchased a new position in shares of Joby Aviation in the 1st quarter worth $18,936,000. Finally, Rheos Capital Works Inc. lifted its position in Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock valued at $76,013,000 after purchasing an additional 2,650,000 shares in the last quarter. 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.

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