Joby Aviation (NYSE:JOBY) Trading Down 7.7% - Here's What Happened

Key Points

• Joby Aviation's shares fell by 7.7%, trading as low as $15.75 during mid-day trading, with an unusual trading volume of 67.7 million shares, 160% higher than the average.
• Analysts are bearish on JOBY stock, with Zacks Research downgrading it to a "strong sell," while Morgan Stanley has raised its price target to $15.00 but maintained an "equal weight" rating.
• Insider transactions reveal significant selling activity, including a sale by Kate Dehoff, who sold over 20,000 shares, indicating potential concerns among company executives about stock performance.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 7.7% during mid-day trading on Tuesday . The company traded as low as $15.75 and last traded at $16.10. Approximately 67,772,144 shares traded hands during mid-day trading, an increase of 160% from the average daily volume of 26,091,959 shares. The stock had previously closed at $17.43.

Analysts Set New Price Targets

Several equities analysts have recently commented on JOBY shares. Zacks Research cut shares of Joby Aviation from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their price objective on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. Morgan Stanley lifted their price target on Joby Aviation from $7.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday, October 9th. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $11.83.

Joby Aviation Stock Down 7.7%

The business has a 50-day moving average price of $15.63 and a 200-day moving average price of $11.88. The firm has a market capitalization of $13.78 billion, a P/E ratio of -15.04 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. During the same quarter in the prior year, the company earned ($0.18) EPS. Joby Aviation's quarterly revenue was down 94.6% on a year-over-year basis. As a group, sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 20,824 shares of the company's stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total transaction of $364,003.52. Following the transaction, the insider owned 149,369 shares of the company's stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the transaction, the insider owned 692,428 shares in the company, valued at $11,660,487.52. The trade was a 3.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,830,880 shares of company stock worth $28,060,985. Corporate insiders own 32.40% of the company's stock.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Toyota Motor Corp boosted its stake in shares of Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Joby Aviation by 5.4% in the second quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company's stock valued at $117,230,000 after buying an additional 573,328 shares during the period. State Street Corp lifted its holdings in Joby Aviation by 3.0% in the second quarter. State Street Corp now owns 10,392,018 shares of the company's stock valued at $109,636,000 after buying an additional 305,109 shares during the period. Rheos Capital Works Inc. boosted its stake in Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock valued at $76,013,000 after acquiring an additional 2,650,000 shares during the last quarter. Finally, ARK Investment Management LLC grew its holdings in Joby Aviation by 1.9% during the 2nd quarter. ARK Investment Management LLC now owns 3,507,405 shares of the company's stock worth $37,003,000 after acquiring an additional 64,562 shares during the period. 52.85% of the stock is owned by institutional investors.

Joby Aviation Company Profile

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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