Joby Aviation (NYSE:JOBY) Trading Down 1.7% - Here's What Happened

Key Points

• Joby Aviation's stock fell by 1.7%, ending at $12.82, with trading volume significantly down by 70% compared to its average daily volume.
• Equities analysts have mixed ratings on Joby Aviation, with an average price target of $10.50 and one analyst rating it as a Buy, while others have issued Hold and Sell ratings.
• In its latest quarterly earnings, Joby reported a loss of ($0.24) EPS, missing estimates, and experienced a 94.6% decline in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) was down 1.7% on Thursday . The stock traded as low as $12.85 and last traded at $12.82. Approximately 6,516,485 shares were traded during trading, a decline of 70% from the average daily volume of 21,500,582 shares. The stock had previously closed at $13.04.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The stock has a fifty day simple moving average of $14.98 and a two-hundred day simple moving average of $9.71. The stock has a market cap of $11.21 billion, a PE ratio of -12.24 and a beta of 2.50.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same period last year, the business earned ($0.18) EPS. The firm's revenue was down 94.6% compared to the same quarter last year. On average, equities analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 7,754 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $14.80, for a total transaction of $114,759.20. Following the completion of the sale, the insider owned 153,280 shares in the company, valued at $2,268,544. This trade represents a 4.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $14.35, for a total value of $7,175,014.35. Following the sale, the director owned 56,828,058 shares of the company's stock, valued at approximately $815,482,632.30. This trade represents a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,444,313 shares of company stock valued at $28,868,184 over the last three months. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Squarepoint Ops LLC grew its position in shares of Joby Aviation by 36,302.4% in the 2nd quarter. Squarepoint Ops LLC now owns 760,251 shares of the company's stock worth $8,021,000 after acquiring an additional 762,351 shares in the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of Joby Aviation in the 2nd quarter worth approximately $168,000. Nautilus Advisors LLC acquired a new position in shares of Joby Aviation in the 2nd quarter worth approximately $119,000. Marex Group plc acquired a new position in shares of Joby Aviation in the 2nd quarter worth approximately $549,000. Finally, Ashford Capital Management Inc. acquired a new position in shares of Joby Aviation in the 2nd quarter worth approximately $211,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.