Joby Aviation (NYSE:JOBY) Stock Price Down 4.9% - Time to Sell?

Key Points

• Joby Aviation's stock dropped 4.9% to $16.40, with a significant decrease in trading volume, indicating possible investor hesitation.
• Recent analyst ratings show a shift in sentiment, with several firms downgrading Joby's stock from "buy" to "sell" or "neutral," reflecting concerns over its performance.
• The company reported a loss of ($0.24) EPS for the last quarter, missing estimates and facing a 94.6% decline in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares dropped 4.9% on Friday . The stock traded as low as $16.30 and last traded at $16.40. Approximately 12,195,484 shares traded hands during trading, a decline of 41% from the average daily volume of 20,789,549 shares. The stock had previously closed at $17.25.

Analyst Ratings Changes

JOBY has been the subject of several recent research reports. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their target price for the stock from $12.00 to $17.00 in a research report on Thursday. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. upped their price target on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $10.50.

Joby Aviation Stock Performance

The stock's 50-day simple moving average is $12.33 and its two-hundred day simple moving average is $8.73. The stock has a market cap of $13.26 billion, a price-to-earnings ratio of -15.67 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) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). Joby Aviation had a negative return on equity of 72.29% and a negative net margin of 447,083.78%. The business had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. The company's revenue for the quarter was down 94.6% on a year-over-year basis. As a group, research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, Director Motor Corp/ Toyota purchased 49,701,790 shares of Joby Aviation stock in a transaction on Thursday, May 22nd. The stock was purchased at an average cost of $5.03 per share, with a total value of $250,000,003.70. Following the acquisition, the director directly owned 122,573,621 shares in the company, valued at approximately $616,545,313.63. This trade represents a 68.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Bonny W. Simi sold 300,000 shares of the business's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.79, for a total transaction of $3,237,000.00. Following the transaction, the insider owned 203,588 shares in the company, valued at approximately $2,196,714.52. The trade was a 59.57% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,864,754 shares of company stock valued at $19,236,149. 28.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC increased its position in shares of Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares during the period. GAMMA Investing LLC boosted its stake 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 buying an additional 5,015 shares in the last quarter. Strs Ohio bought a new stake in Joby Aviation in the 1st quarter valued at $37,000. Ameritas Advisory Services LLC acquired a new position in shares of Joby Aviation in the 2nd quarter valued at $39,000. Finally, Toronto Dominion Bank bought a new position in shares of Joby Aviation during the 4th quarter worth about $41,000. 52.85% of the stock is currently owned by 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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