Joby Aviation (NYSE:JOBY) Stock Price Down 7.1% - Time to Sell?

Key Points

• Joby Aviation's stock price dropped by 7.1%, closing at $14.92, with trading volume down 50% compared to the average.
• Analysts have issued mixed ratings, with one firm downgrading from "buy" to "hold" while raising the price target from $12.00 to $17.00, while consensus ratings average a "hold" with a target of $10.50.
• The company reported a net loss of ($0.24) per share for the quarter, missing estimates by ($0.06), and a 94.6% drop in quarterly revenue compared to the previous year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were down 7.1% during trading on Tuesday . The stock traded as low as $14.88 and last traded at $14.92. Approximately 10,363,601 shares changed hands during trading, a decline of 50% from the average daily volume of 20,930,311 shares. The stock had previously closed at $16.06.

Analyst Upgrades and Downgrades

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

Joby Aviation Stock Down 6.2%

The business has a fifty day moving average of $13.60 and a 200 day moving average of $9.16. The company has a market cap of $12.90 billion, a P/E ratio of -14.11 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results 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 net margin of 447,083.78% and a negative return on equity of 71.29%. The firm had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. During the same quarter in the previous year, the company earned ($0.18) EPS. The company's quarterly revenue was down 94.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In related news, insider Eric Allison sold 27,538 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $11.97, for a total transaction of $329,629.86. Following the completion of the transaction, the insider owned 660,076 shares in the company, valued at $7,901,109.72. The trade was a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kate Dehoff sold 20,823 shares of the business's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total value of $284,650.41. Following the transaction, the insider owned 202,276 shares of the company's stock, valued at approximately $2,765,112.92. The trade was a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,936,558 shares of company stock valued at $21,551,263 over the last three months. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of JOBY. Wells Fargo & Company MN increased its holdings in shares of Joby Aviation by 54.3% in the fourth quarter. Wells Fargo & Company MN now owns 269,412 shares of the company's stock valued at $2,190,000 after purchasing an additional 94,825 shares during the period. Envestnet Asset Management Inc. acquired a new position in shares of Joby Aviation in the fourth quarter valued at about $259,000. Renaissance Technologies LLC acquired a new stake in Joby Aviation during the fourth quarter worth about $936,000. Raymond James Financial Inc. acquired a new stake in Joby Aviation during the fourth quarter worth about $2,168,000. Finally, Mariner LLC boosted its position in Joby Aviation by 119.9% during the fourth quarter. Mariner LLC now owns 59,082 shares of the company's stock worth $480,000 after purchasing an additional 32,214 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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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