Joby Aviation (NYSE:JOBY) Stock Rating Lowered by Canaccord Genuity Group

Joby Aviation (NYSE:JOBY - Get Free Report) was downgraded by research analysts at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a report released on Thursday,Finviz reports. They presently have a $17.00 price objective on the stock. Canaccord Genuity Group's price objective would indicate a potential downside of 10.29% from the company's current price.

Several other research analysts have also issued reports on JOBY. Wall Street Zen lowered shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. HC Wainwright lowered shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday. Cantor Fitzgerald restated a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a report on Monday, June 23rd. JPMorgan Chase & Co. raised their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Finally, Morgan Stanley restated an "equal weight" rating and set a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $10.50.

Joby Aviation Trading Down 2.8%

JOBY stock opened at $18.95 on Thursday. The firm has a 50-day moving average price of $11.96 and a 200-day moving average price of $8.60. The stock has a market capitalization of $15.01 billion, a P/E ratio of -22.56 and a beta of 2.52. Joby Aviation has a 12 month low of $4.70 and a 12 month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.22). The business had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 63.27%. The firm's quarterly revenue was down 94.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.18) EPS. As a group, equities analysts predict that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In other news, insider Kate Dehoff sold 20,823 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total transaction of $284,650.41. Following the completion of the sale, the insider owned 202,276 shares of the company's stock, valued at $2,765,112.92. This trade represents a 9.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Gregory Bowles sold 7,961 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total transaction of $81,839.08. Following the sale, the insider directly owned 153,280 shares of the company's stock, valued at approximately $1,575,718.40. This trade represents a 4.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,864,754 shares of company stock worth $19,236,149. Corporate insiders own 28.50% of the company's stock.

Institutional Trading of Joby Aviation

Hedge funds have recently bought and sold shares of the business. GPS Wealth Strategies Group LLC grew its position 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 purchasing an additional 750 shares during the period. GAMMA Investing LLC grew its position 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 purchasing an additional 5,015 shares during the period. Strs Ohio acquired a new stake in Joby Aviation in the 1st quarter valued at $37,000. Ameritas Advisory Services LLC acquired a new stake in Joby Aviation in the 2nd quarter valued at $39,000. Finally, Toronto Dominion Bank acquired a new stake in Joby Aviation in the 4th quarter valued at $41,000. Institutional investors and hedge funds 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.

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