Joby Aviation (NYSE:JOBY) Trading Down 2% - Here's Why

Key Points

• Joby Aviation's stock dropped 2% to $17.44 during mid-day trading, significantly below its previous close of $17.79, with trading volume declining by 79% from its daily average.
• Recent analysts' reports have downgraded Joby Aviation, with Wall Street Zen moving its rating from "hold" to "sell," and the average consensus rating now standing at "Hold" with a target price of $10.50.
• In its latest earnings report, Joby Aviation missed EPS estimates with a loss of ($0.24) compared to a consensus of ($0.18), reflecting a substantial year-over-year revenue decline of 94.6%.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 2% during mid-day trading on Thursday . The company traded as low as $17.19 and last traded at $17.44. Approximately 4,399,884 shares were traded during trading, a decline of 79% from the average daily volume of 20,801,924 shares. The stock had previously closed at $17.79.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of recent analyst reports. Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and boosted their target price for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Joby Aviation from $5.00 to $7.00 and gave the company 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 issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $10.50.

Joby Aviation Trading Down 3.7%

The stock has a market capitalization of $13.56 billion, a PE ratio of -15.99 and a beta of 2.52. The company has a 50 day simple moving average of $13.10 and a 200 day simple moving average of $8.97.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates 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 revenue for the quarter was down 94.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.18) earnings per share. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 300,000 shares of the firm's 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 transaction, the insider owned 203,588 shares of the company's stock, valued at $2,196,714.52. This trade represents a 59.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Allison sold 27,538 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $11.97, for a total transaction of $329,629.86. Following the completion of the transaction, the insider directly owned 660,076 shares in the company, valued at $7,901,109.72. This represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,936,558 shares of company stock valued at $21,551,263 over the last ninety days. Insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds 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 second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after buying an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC increased its holdings in shares of Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after buying an additional 750 shares in the last quarter. GAMMA Investing LLC increased 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 buying an additional 5,015 shares in the last quarter. Strs Ohio bought a new position in shares of Joby Aviation in the first quarter valued at $37,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Joby Aviation in the second quarter valued at $39,000. 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.

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