Joby Aviation (NYSE:JOBY) Shares Down 4.3% - Here's What Happened

Key Points

• Joby Aviation's stock fell 4.3% during mid-day trading, closing at $15.86, with a notable increase in trading volume, reaching 48,881,412 shares exchanged.
• Recent analyst ratings show a consensus of "Hold" with an average price target of $10.50, as firms have issued various ratings ranging from "sell" to "buy".
• The company reported a significant decline in revenue, down 94.6% year-over-year, along with a larger-than-expected loss per share for the latest quarter.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price fell 4.3% on Monday . The stock traded as low as $15.17 and last traded at $15.86. 48,881,412 shares changed hands during trading, an increase of 111% from the average session volume of 23,205,277 shares. The stock had previously closed at $16.58.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on JOBY. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and increased their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. One 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's stock. According to data from MarketBeat, Joby Aviation presently has an average rating of "Hold" and an average target price of $10.50.

Joby Aviation Trading Up 5.5%

The stock has a fifty day moving average of $15.76 and a two-hundred day moving average of $10.37. The stock has a market capitalization of $14.32 billion, a price-to-earnings ratio of -15.63 and a beta of 2.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate 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. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The firm's quarterly revenue was down 94.6% on a year-over-year basis. During the same period last year, the business posted ($0.18) earnings per share. Equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction on Monday, September 15th. The stock was sold at an average price of $14.30, for a total transaction of $7,150,014.30. Following the completion of the sale, the director directly owned 56,328,057 shares of the company's stock, valued at $805,491,215.10. The trade was a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bonny W. Simi sold 173,456 shares of Joby Aviation stock in a transaction 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 sale, the insider directly owned 211,397 shares of the company's stock, valued at approximately $3,646,598.25. This trade represents a 45.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,614,263 shares of company stock valued at $33,291,766 over the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in JOBY. EverSource Wealth Advisors LLC grew its stake in shares of 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 purchasing an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC lifted its holdings in Joby Aviation by 32.0% during 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 in the last quarter. GAMMA Investing LLC lifted its holdings in Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after acquiring an additional 5,015 shares in the last quarter. Strs Ohio bought a new position in Joby Aviation during the first quarter worth about $37,000. Finally, Ameritas Advisory Services LLC bought a new position in Joby Aviation during the second quarter worth about $39,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.