Joby Aviation (NYSE:JOBY) Stock Price Down 6.2% - Here's What Happened

Key Points

• Joby Aviation's stock price dropped 6.2% on Monday, trading as low as $15.60, amid increased trading volume of 41.9 million shares.
• Multiple analysts have downgraded Joby Aviation's ratings, with Wall Street Zen lowering it to "sell" and Zacks Research to "strong sell," contributing to a consensus rating of "Reduce."
• The company reported a quarterly loss of ($0.24) earnings per share, which was worse than the consensus estimate, and has seen a significant 94.6% decline in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price fell 6.2% on Monday . The company traded as low as $15.60 and last traded at $16.2670. 41,941,101 shares changed hands during mid-day trading, an increase of 56% from the average session volume of 26,862,576 shares. The stock had previously closed at $17.34.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of research analyst reports. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a research note on Wednesday, October 8th. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and raised their target price for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. Finally, Zacks Research lowered Joby Aviation from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Reduce" and an average target price of $12.00.

Joby Aviation Stock Performance

The stock has a 50 day simple moving average of $15.66 and a two-hundred day simple moving average of $12.58. The firm has a market cap of $13.92 billion, a PE ratio of -15.20 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. During the same period in the previous year, the company posted ($0.18) EPS. The firm's quarterly revenue was down 94.6% compared to the same quarter last year. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 52,907 shares of Joby Aviation stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. The trade was a 26.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 253,600 shares of Joby Aviation stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total value of $4,131,144.00. Following the completion of the sale, the chief executive officer owned 60,273,162 shares in the company, valued at approximately $981,849,808.98. The trade was a 0.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,830,880 shares of company stock worth $28,060,985 over the last quarter. Company insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of the company. AlphaQuest LLC boosted its holdings in Joby Aviation by 42.9% in the 3rd quarter. AlphaQuest LLC now owns 7,777 shares of the company's stock worth $126,000 after buying an additional 2,333 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Joby Aviation by 8.3% during the 3rd quarter. Arizona State Retirement System now owns 62,252 shares of the company's stock worth $1,005,000 after purchasing an additional 4,773 shares during the last quarter. Hollencrest Capital Management boosted its holdings in shares of Joby Aviation by 28.8% during the 3rd quarter. Hollencrest Capital Management now owns 9,113 shares of the company's stock worth $147,000 after purchasing an additional 2,040 shares during the last quarter. GPS Wealth Strategies Group LLC boosted its holdings in shares of Joby Aviation by 22.5% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company's stock worth $61,000 after purchasing an additional 697 shares during the last quarter. Finally, AE Wealth Management LLC acquired a new position in shares of Joby Aviation during the 3rd quarter worth approximately $193,000. 52.85% of the stock is currently 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.

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