Joby Aviation (NYSE:JOBY) Stock Price Down 0.4% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 0.4% on Tuesday . The stock traded as low as $6.90 and last traded at $7.01. Approximately 2,405,150 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 11,932,070 shares. The stock had previously closed at $7.03.

Analyst Ratings Changes

A number of analysts have commented on the company. Canaccord Genuity Group boosted their target price on Joby Aviation from $11.50 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. HC Wainwright reiterated a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. 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 report on Friday, April 11th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation presently has an average rating of "Moderate Buy" and an average target price of $8.67.

Joby Aviation Stock Performance

The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -9.49 and a beta of 2.34. The company's 50 day simple moving average is $6.34 and its 200-day simple moving average is $7.17.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the prior year, the business earned ($0.14) EPS. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the sale, the chief executive officer now directly owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. The trade was a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $65,732.10. Following the transaction, the insider now directly owns 146,941 shares in the company, valued at approximately $996,259.98. This represents a 6.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,168 shares of company stock worth $4,682,353 over the last quarter. 28.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its stake in Joby Aviation by 9.9% during the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company's stock worth $175,000 after acquiring an additional 1,935 shares during the last quarter. Xponance Inc. increased its position in Joby Aviation by 6.5% during the 1st quarter. Xponance Inc. now owns 32,635 shares of the company's stock worth $196,000 after purchasing an additional 1,993 shares in the last quarter. Gallagher Fiduciary Advisors LLC raised its holdings in Joby Aviation by 3.1% in the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock valued at $543,000 after buying an additional 2,000 shares during the period. California State Teachers Retirement System lifted its position in Joby Aviation by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company's stock valued at $1,512,000 after buying an additional 2,065 shares in the last quarter. Finally, Private Advisor Group LLC grew its stake in Joby Aviation by 6.6% during the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company's stock worth $299,000 after buying an additional 2,261 shares during the period. Institutional investors and hedge funds 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.