Joby Aviation (NYSE:JOBY) Stock Price Down 4.7% - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded down 4.7% on Monday . The stock traded as low as $7.47 and last traded at $7.45. 5,770,850 shares changed hands during trading, a decline of 55% from the average session volume of 12,718,603 shares. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, May 5th. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, April 30th. Needham & Company LLC reissued a "buy" rating and issued a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Canaccord Genuity Group raised their price target on Joby Aviation from $11.50 to $12.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Joby Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $8.67.

Joby Aviation Stock Performance

The company has a 50-day moving average of $6.50 and a 200-day moving average of $7.28. The stock has a market capitalization of $6.35 billion, a price-to-earnings ratio of -11.46 and a beta of 2.34.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the business earned ($0.14) earnings per share. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the transaction, the chief executive officer now owns 32,275,793 shares of the company's stock, valued at $190,104,420.77. This represents a 0.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Motor Corp/ Toyota acquired 49,701,790 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $5.03 per share, for a total transaction of $250,000,003.70. Following the acquisition, the director now directly owns 122,573,621 shares of the company's stock, valued at approximately $616,545,313.63. The trade was a 68.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 753,726 shares of company stock valued at $4,658,913. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently added to or reduced their stakes in JOBY. Spire Wealth Management acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $110,000. Rheos Capital Works Inc. grew its holdings in Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after purchasing an additional 350,000 shares during the period. Stratos Wealth Partners LTD. acquired a new position in Joby Aviation during the fourth quarter worth approximately $466,000. Tyche Wealth Partners LLC acquired a new position in Joby Aviation during the fourth quarter worth approximately $135,000. Finally, Golden State Wealth Management LLC purchased a new position in Joby Aviation during the fourth quarter worth approximately $42,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.