Joby Aviation (NYSE:JOBY) Trading Down 4.6% - Here's What Happened

Key Points

• Joby Aviation's stock dropped 4.6% to $14.27, with trading volume decreasing by 66% compared to its average daily volume.
• Recent analyst downgrades include moving from a "hold" to a "sell" rating and reducing price objectives, with an overall consensus rating of "Hold" and a target price of $10.50.
• The company's quarterly earnings report revealed a loss of ($0.24) per share, missing estimates and reflecting a 94.6% decrease in revenue year-over-year.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares dropped 4.6% on Monday . The stock traded as low as $14.27 and last traded at $14.27. Approximately 7,272,798 shares traded hands during trading, a decline of 66% from the average daily volume of 21,141,877 shares. The stock had previously closed at $14.95.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. HC Wainwright cut Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and upped their price objective for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, 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. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $10.50.

Joby Aviation Stock Down 3.5%

The company has a fifty day simple moving average of $14.05 and a 200-day simple moving average of $9.34. The firm has a market cap of $12.35 billion, a P/E ratio of -13.49 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million for the quarter, compared to the consensus estimate 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 company's revenue was down 94.6% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.18) earnings per share. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 500,001 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $12.38, for a total transaction of $6,190,012.38. Following the sale, the director directly owned 57,328,059 shares in the company, valued at $709,721,370.42. This trade represents a 0.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Allison sold 27,538 shares of Joby Aviation stock in a transaction on Monday, July 14th. The shares were sold at an average price of $11.97, for a total transaction of $329,629.86. Following the transaction, the insider owned 660,076 shares in the company, valued at approximately $7,901,109.72. This trade represents a 4.00% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,933,156 shares of company stock valued at $21,528,877. Company insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after purchasing an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC boosted its stake in Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares during the period. GAMMA Investing LLC grew its holdings in Joby Aviation by 773.9% during the 1st 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 stake in shares of Joby Aviation during the first quarter valued at approximately $37,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Joby Aviation in the second quarter worth $39,000. Institutional investors own 52.85% of the company's stock.

About Joby Aviation

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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