Joby Aviation (NYSE:JOBY) Shares Up 4.1% - Still a Buy?

Key Points

• Joby Aviation's stock rose 4.1% to $13.97, despite a 21% decline in trading volume compared to its average.
• Recent research reports from multiple analysts have downgraded Joby Aviation's ratings and adjusted the target price, with a consensus target of $10.50.
• Joby Aviation reported a significant drop in revenue of 94.6% year-over-year, resulting in a loss of ($0.24) earnings per share, which missed analysts’ expectations.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded up 4.1% during trading on Wednesday . The stock traded as high as $14.36 and last traded at $13.97. 17,144,960 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 21,631,678 shares. The stock had previously closed at $13.42.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The company has a market cap of $11.95 billion, a PE ratio of -13.07 and a beta of 2.50. The stock's 50-day simple moving average is $15.31 and its 200 day simple moving average is $9.92.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced 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). The firm had revenue of $0.02 million for the quarter, compared to analysts' expectations 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 quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.18) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bonny W. Simi sold 300,000 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.79, for a total value of $3,237,000.00. Following the completion of the transaction, the insider owned 203,588 shares in the company, valued at $2,196,714.52. This trade represents a 59.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 472,000 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the completion of the transaction, the chief executive officer owned 360,999 shares of the company's stock, valued at $3,545,010.18. This represents a 56.66% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,444,313 shares of company stock worth $28,868,184. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently made changes to their positions in JOBY. EverSource Wealth Advisors LLC increased its holdings in shares of Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after purchasing an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC grew its stake in Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after acquiring an additional 750 shares during the last quarter. GAMMA Investing LLC grew its stake in Joby Aviation by 773.9% in the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after acquiring an additional 5,015 shares during the last quarter. Strs Ohio acquired a new stake in Joby Aviation in the 1st quarter valued at about $37,000. Finally, Ameritas Advisory Services LLC acquired a new stake in Joby Aviation in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

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.