Joby Aviation (NYSE:JOBY) Trading Down 3.2% - What's Next?

Key Points

• Joby Aviation's stock decreased by 3.2% to $13.82, with a significant drop in trading volume, down 67% from the average session volume.
• Several analysts have revised their ratings on Joby Aviation, with Wall Street Zen downgrading shares from "hold" to "sell," while JPMorgan raised its target price to $7.00 with an "underweight" rating.
• Joby reported a net income miss in its latest earnings, showing a quarterly revenue decline of 94.6% year-over-year and an EPS of ($0.24), which fell short of expectations.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded down 3.2% on Friday . The company traded as low as $13.66 and last traded at $13.82. 6,955,769 shares were traded during mid-day trading, a decline of 67% from the average session volume of 21,303,123 shares. The stock had previously closed at $14.27.

Analyst Ratings Changes

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

Joby Aviation Stock Performance

The stock has a market cap of $11.95 billion, a PE ratio of -13.04 and a beta of 2.52. The company's 50-day moving average price is $14.49 and its 200 day moving average price is $9.51.

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

Insider Buying and Selling

In other Joby Aviation news, insider Kate Dehoff sold 20,823 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $13.67, for a total value of $284,650.41. Following the sale, the insider owned 202,276 shares of the company's stock, valued at $2,765,112.92. The trade was a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul Cahill Sciarra sold 500,001 shares of the business'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 completion of the sale, the director directly owned 56,828,058 shares in the company, valued at approximately $815,482,632.30. The trade was 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 quarter. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Envestnet Asset Management Inc. purchased a new stake in Joby Aviation in the fourth quarter valued at approximately $259,000. Renaissance Technologies LLC acquired a new position in shares of Joby Aviation in the fourth quarter worth $936,000. Raymond James Financial Inc. acquired a new position in shares of Joby Aviation in the fourth quarter worth $2,168,000. Mariner LLC grew its stake in shares of Joby Aviation by 119.9% in the fourth quarter. Mariner LLC now owns 59,082 shares of the company's stock worth $480,000 after acquiring an additional 32,214 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Joby Aviation by 9.9% in 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 in the last quarter. Hedge funds and other 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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