Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded down 3.7% on Wednesday . The stock traded as low as $11.14 and last traded at $11.4250. 31,733,753 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 27,995,713 shares. The stock had previously closed at $11.87.
Wall Street Analyst Weigh In
A number of research firms have recently commented on JOBY. Canaccord Genuity Group cut their target price on Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research note on Thursday, May 7th. Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Oppenheimer set a $18.00 price objective on Joby Aviation in a report on Thursday, February 26th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 target price on shares of Joby Aviation in a research report on Wednesday, May 6th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of "Reduce" and a consensus price target of $13.06.
Get Our Latest Stock Report on JOBY
Joby Aviation Stock Performance
The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average price of $9.54 and a 200 day moving average price of $11.60. The firm has a market cap of $11.24 billion, a PE ratio of -9.93 and a beta of 2.66.
Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The business had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same quarter in the previous year, the firm earned ($0.11) EPS. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.
Insider Transactions at Joby Aviation
In related news, Director Paul Cahill Sciarra sold 416,666 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $12.02, for a total value of $5,008,325.32. Following the sale, the director directly owned 55,911,391 shares in the company, valued at approximately $672,054,919.82. The trade was a 0.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joeben Bevirt sold 421,019 shares of the business's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares in the company, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,505,784 shares of company stock worth $15,457,801 in the last 90 days. Insiders own 32.40% of the company's stock.
Institutional Trading of Joby Aviation
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company's stock valued at $692,851,000 after buying an additional 2,540,382 shares during the period. Geode Capital Management LLC raised its holdings in Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company's stock valued at $155,671,000 after buying an additional 390,794 shares during the period. State Street Corp grew its position in Joby Aviation by 5.0% in the 4th quarter. State Street Corp now owns 10,812,929 shares of the company's stock valued at $142,731,000 after acquiring an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Joby Aviation by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company's stock valued at $57,697,000 after acquiring an additional 271,475 shares in the last quarter. Finally, Bank of America Corp DE grew its position in Joby Aviation by 41.2% in the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company's stock valued at $67,661,000 after acquiring an additional 1,223,412 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.
About Joby Aviation
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Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.
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