Joby Aviation (NYSE:JOBY) Downgraded by Canaccord Genuity Group to Hold

Key Points

• Joby Aviation was downgraded by Canaccord Genuity Group from a "buy" to a "hold" rating, with a new target price of $17.00, indicating a potential downside of 1.31% from its current price.
• Multiple analysts have provided negative ratings on Joby, with the average sentiment categorized as "Hold" and a consensus price target of $10.50.
• Joby Aviation reported a significant drop in revenue, down 94.6% year-over-year, with an EPS miss of ($0.24) compared to the consensus estimate of ($0.18).

Joby Aviation (NYSE:JOBY - Get Free Report) was downgraded by Canaccord Genuity Group from a "buy" rating to a "hold" rating in a report issued on Thursday, Marketbeat.com reports. They currently have a $17.00 price objective on the stock, up from their prior price objective of $12.00. Canaccord Genuity Group's target price points to a potential upside of 2.04% from the company's current price.

A number of other equities analysts have also commented on the stock. Cantor Fitzgerald reissued 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 note on Thursday. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Morgan Stanley reissued an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. increased their target price on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $10.50.

Joby Aviation Price Performance

JOBY traded down $0.59 during trading on Thursday, hitting $16.66. The company had a trading volume of 28,509,404 shares, compared to its average volume of 44,992,648. The company has a market cap of $13.19 billion, a PE ratio of -15.57 and a beta of 2.52. Joby Aviation has a 1-year low of $4.70 and a 1-year high of $20.95. The business has a 50-day moving average of $12.51 and a 200-day moving average of $8.79.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (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 72.29%. The company had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the prior year, the company earned ($0.18) EPS. The business's quarterly revenue was down 94.6% on a year-over-year basis. Research analysts forecast that Joby Aviation will post -0.69 earnings per share for the current year.

Insider Activity

In related news, insider Gregory Bowles sold 7,961 shares of the business's stock in a transaction 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 in the company, valued at approximately $1,575,718.40. The trade was a 4.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 5,102 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $52,448.56. Following the completion of the transaction, the insider owned 84,953 shares in the company, valued at $873,316.84. This represents a 5.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,864,754 shares of company stock valued at $19,236,149. Corporate insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of JOBY. GPS Wealth Strategies Group LLC increased its holdings in shares of Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Joby Aviation by 773.9% in the first 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 purchased a new stake in Joby Aviation during the first quarter worth $37,000. Ameritas Advisory Services LLC purchased a new position in Joby Aviation in the second quarter worth $39,000. Finally, Toronto Dominion Bank acquired a new stake in shares of Joby Aviation in the 4th quarter worth $41,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.