Joby Aviation (NYSE:JOBY) Trading Up 3.1% - Time to Buy?

Key Points

• Joby Aviation's stock rose 3.1% to $14.74 after previously closing at $14.30, although trading volume dropped significantly by 60% compared to the average daily volume.
• Several analysts have downgraded Joby Aviation's ratings recently, with target prices ranging from $5 to $17, leading to an average consensus rating of "Hold" with a target price of $10.50.
• The company reported financial challenges, including a missed earnings per share estimate with a negative net margin of 447,083.78% and a 94.6% year-over-year decline in revenue.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) rose 3.1% on Tuesday . The stock traded as high as $15.51 and last traded at $14.74. Approximately 8,405,444 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 21,150,938 shares. The stock had previously closed at $14.30.

Analyst Upgrades and Downgrades

JOBY has been the subject of several research reports. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Wall Street Zen cut shares of Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. HC Wainwright cut shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lowered shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their price target for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.50.

Joby Aviation Stock Up 3.1%

The firm has a market cap of $12.62 billion, a price-to-earnings ratio of -13.78 and a beta of 2.52. The business's fifty day moving average is $14.15 and its two-hundred day moving average is $9.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued 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 company had revenue of $0.02 million during the quarter, compared to analyst estimates 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 business's revenue for the quarter was down 94.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.18) EPS. Research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 20,823 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $13.67, for a total value of $284,650.41. Following the transaction, the insider directly owned 202,276 shares of the company's stock, valued at $2,765,112.92. This represents a 9.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Allison sold 27,538 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $11.97, for a total transaction of $329,629.86. Following the completion of the transaction, the insider directly owned 660,076 shares in the company, valued at approximately $7,901,109.72. This represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,444,313 shares of company stock worth $28,868,184. Corporate insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its position in shares of Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after acquiring an additional 1,880 shares in the last quarter. GPS Wealth Strategies Group LLC lifted 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 valued at $33,000 after purchasing an additional 750 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in Joby Aviation in the 2nd quarter valued at approximately $39,000. Solstein Capital LLC bought a new position in Joby Aviation in the 2nd quarter valued at approximately $47,000. Finally, Toronto Dominion Bank bought a new position in Joby Aviation in the 4th quarter valued at approximately $41,000. Institutional investors and hedge funds 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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