Joby Aviation (NYSE:JOBY) Trading Down 4.5% - Here's What Happened

Key Points

• Joby shares fell 4.5% on Friday to about $9.26, with ~27.97 million shares traded (roughly in line with average) and a market cap near $8.44 billion.
• Analysts are mixed: MarketBeat shows a consensus rating of Reduce with an average target of $13.81, while individual broker targets range from buys at $18 to sells as low as $7–$10.
• Joby beat quarterly estimates with a ($0.14) EPS (vs. ($0.20) expected) and revenue of $30.84 million—up 5,506% year-over-year—yet analysts still forecast a full-year EPS around -0.69.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares were down 4.5% during trading on Friday . The stock traded as low as $9.11 and last traded at $9.2560. Approximately 27,973,869 shares were traded during trading, a decline of 0% from the average daily volume of 28,070,785 shares. The stock had previously closed at $9.69.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on JOBY. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a report on Thursday, January 22nd. JPMorgan Chase & Co. dropped their target price on Joby Aviation from $8.00 to $7.00 and set an "underweight" rating for the company in a research report on Thursday, February 26th. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. Finally, The Goldman Sachs Group began coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a "sell" rating and a $10.00 price target on the stock. 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's stock. According to MarketBeat.com, Joby Aviation currently has a consensus rating of "Reduce" and an average target price of $13.81.

Joby Aviation Trading Down 4.5%

The firm's fifty day simple moving average is $11.31 and its 200 day simple moving average is $13.81. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -8.12 and a beta of 2.59.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts' consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. Joby Aviation's revenue for the quarter was up 5506.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.34) earnings per share. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insiders Place Their Bets

In other Joby Aviation news, insider Bonny W. Simi sold 110,173 shares of the firm's stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $13.85, for a total transaction of $1,525,896.05. Following the transaction, the insider owned 125,114 shares of the company's stock, valued at approximately $1,732,828.90. This trade represents a 46.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Allison sold 32,448 shares of the firm's stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of $13.25, for a total value of $429,936.00. Following the transaction, the insider owned 659,980 shares in the company, valued at $8,744,735. This represents a 4.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,486,368 shares of company stock valued at $16,211,332. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company's stock valued at $806,166,000 after acquiring an additional 5,828,189 shares in the last quarter. Man Group plc purchased a new position in Joby Aviation during the third quarter worth about $40,283,000. Norges Bank acquired a new stake in Joby Aviation in the fourth quarter valued at about $32,269,000. Clear Street Group Inc. acquired a new stake in Joby Aviation in the third quarter valued at about $36,264,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company's stock valued at $44,672,000 after purchasing an additional 1,512,094 shares in the last quarter. 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.

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