Joby Aviation (NYSE:JOBY) Trading Down 8.1% - What's Next?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) was down 8.1% during trading on Tuesday . The stock traded as low as $9.71 and last traded at $9.70. Approximately 16,388,937 shares were traded during trading, an increase of 12% from the average daily volume of 14,697,105 shares. The stock had previously closed at $10.55.

Analysts Set New Price Targets

JOBY has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. Canaccord Genuity Group reiterated a "buy" rating and issued a $12.00 price objective on shares of Joby Aviation in a report on Wednesday, June 4th. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, 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 note on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $9.33.

Joby Aviation Stock Performance

The stock has a market cap of $8.05 billion, a PE ratio of -12.11 and a beta of 2.47. The stock's 50-day moving average is $7.73 and its two-hundred day moving average is $7.44.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same quarter last year, the company earned ($0.14) earnings per share. Analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, insider Bonny W. Simi sold 12,382 shares of the stock in a transaction dated Thursday, April 17th. The shares were sold at an average price of $5.81, for a total transaction of $71,939.42. Following the sale, the insider owned 203,588 shares of the company's stock, valued at approximately $1,182,846.28. This represents a 5.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Cahill Sciarra sold 333,334 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $8.40, for a total transaction of $2,800,005.60. Following the completion of the transaction, the director directly owned 57,828,060 shares of the company's stock, valued at $485,755,704. This represents a 0.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 652,885 shares of company stock worth $4,755,749 over the last 90 days. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of 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 purchased a new position in Joby Aviation in the first quarter worth approximately $37,000. Whittier Trust Co. purchased a new position in Joby Aviation in the fourth quarter worth approximately $38,000. Toronto Dominion Bank acquired a new position in Joby Aviation during the 4th quarter worth approximately $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of Joby Aviation in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

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.