Joby Aviation (NYSE:JOBY) Stock Price Down 4.3% - What's Next?

Key Points

• Joby Aviation's stock price fell 4.3% to $16.00, with trading volume significantly increasing to over 43 million shares.
• A recent analyst report downgraded Joby from a "buy" to a "neutral" rating, while the average rating across analysts remains "Hold" with a target price of $10.50.
• The company reported a quarterly loss of ($0.24) earnings per share, missing estimates, with a 94.6% decline in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded down 4.3% on Wednesday . The company traded as low as $15.86 and last traded at $16.00. 43,049,949 shares changed hands during trading, an increase of 84% from the average session volume of 23,443,557 shares. The stock had previously closed at $16.72.

Analyst Ratings Changes

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

Joby Aviation Price Performance

The company has a market capitalization of $13.69 billion, a P/E ratio of -14.95 and a beta of 2.50. The company has a 50 day moving average of $15.82 and a 200-day moving average of $10.41.

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

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction that occurred 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 sale, the director directly owned 56,328,057 shares of the company's stock, valued at approximately $805,491,215.10. The trade was a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gregory Bowles sold 7,754 shares of Joby Aviation stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $14.80, for a total transaction of $114,759.20. Following the transaction, the insider owned 153,280 shares of the company's stock, valued at $2,268,544. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,614,263 shares of company stock worth $33,291,766. Insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in JOBY. Toyota Motor Corp lifted its holdings in shares of Joby Aviation by 63.1% during the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares during the last quarter. Nuveen LLC purchased a new position in Joby Aviation in the 1st quarter worth approximately $18,936,000. Rheos Capital Works Inc. raised its holdings in Joby Aviation by 58.2% in the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after acquiring an additional 2,650,000 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Joby Aviation in the 2nd quarter worth approximately $15,392,000. Finally, Balyasny Asset Management L.P. purchased a new position in Joby Aviation in the 2nd quarter worth approximately $12,471,000. 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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