Joby Aviation (NYSE:JOBY) Trading Down 4.3% - Here's What Happened

Key Points

• Joby Aviation fell 4.3% mid-day to about $8.86, trading ~30.8 million shares (≈15% above its average session volume).
• Analysts are mixed—2 Buy, 4 Hold and 3 Sell—resulting in an average rating of Reduce and an average price target of $13.81.
• The company beat estimates with a quarterly EPS loss of ($0.14) and revenue of $30.8M (up 5,506% YoY), but insiders sold roughly 1.77M shares in the last three months, including a large CEO sale.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) fell 4.3% during mid-day trading on Monday . The company traded as low as $8.84 and last traded at $8.8550. 30,823,569 shares were traded during mid-day trading, an increase of 15% from the average session volume of 26,806,420 shares. The stock had previously closed at $9.25.

Analyst Upgrades and Downgrades

Several analysts have commented on JOBY shares. Canaccord Genuity Group reaffirmed a "hold" rating and set a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Tuesday, April 28th. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research note on Thursday, February 26th. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. Finally, Oppenheimer set a $18.00 price objective on Joby Aviation in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $13.81.

Joby Aviation Trading Down 4.3%

The stock has a market capitalization of $8.67 billion, a PE ratio of -7.77 and a beta of 2.61. The company has a 50 day simple moving average of $9.18 and a 200 day simple moving average of $12.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.06. The business had revenue of $30.84 million for the quarter, compared to analysts' expectations of $16.88 million. The business's quarterly revenue was up 5506.5% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.82 EPS for the current year.

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 16,235 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $9.91, for a total transaction of $160,888.85. Following the completion of the transaction, the insider directly owned 149,369 shares of the company's stock, valued at approximately $1,480,246.79. This represents a 9.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 507,182 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $10.62, for a total value of $5,386,272.84. Following the transaction, the chief executive officer directly owned 31,997,802 shares of the company's stock, valued at approximately $339,816,657.24. This trade represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,766,026 shares of company stock valued at $17,301,065. Corporate insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently modified their holdings of the business. Asset Planning Inc increased its stake in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company's stock valued at $27,000 after purchasing an additional 700 shares in the last quarter. Strategic Advocates LLC purchased a new position in Joby Aviation in the 3rd quarter valued at approximately $29,000. Canton Hathaway LLC purchased a new position in Joby Aviation in the 3rd quarter valued at approximately $29,000. Fifth Third Bancorp increased its stake in Joby Aviation by 207.4% in the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company's stock valued at $26,000 after purchasing an additional 1,348 shares in the last quarter. Finally, Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Joby Aviation in the 4th quarter valued at approximately $28,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.