Joby Aviation (NYSE:JOBY) Hits New 12-Month Low - Here's What Happened

Key Points

• Joby Aviation shares fell to a new 52-week low of $6.18, closing near $6.28 and trading below both its 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a $13.81 price target, despite some firms maintaining Buy ratings. The company also missed quarterly EPS estimates, reporting a $0.25 loss per share versus expectations of a $0.23 loss.
• Insiders sold about 298,335 shares worth $2.28 million over the past 90 days, though the transactions were made under pre-arranged plans to cover tax obligations. Institutional investors own approximately 52.85% of the company.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares reached a new 52-week low on Tuesday . The stock traded as low as $6.18 and last traded at $6.2840, with a volume of 31032175 shares traded. The stock had previously closed at $6.39.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Needham & Company LLC dropped their price target on shares of Joby Aviation from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Susquehanna set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, August 6th. HC Wainwright reissued a "buy" rating on shares of Joby Aviation in a report on Thursday, August 6th. Weiss Ratings upgraded Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average price target of $13.81.

Joby Aviation Stock Down 1.7%

The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40. The firm has a market cap of $6.22 billion, a PE ratio of -6.35 and a beta of 2.68. The stock has a fifty day simple moving average of $7.42 and a two-hundred day simple moving average of $8.83.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The firm had revenue of $38.64 million during the quarter, compared to analysts' expectations of $30.20 million. During the same period in the previous year, the company posted ($0.41) earnings per share. The company's quarterly revenue was up 257493.3% compared to the same quarter last year. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, CFO Rodrigo Brumana sold 8,898 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $6.89, for a total value of $61,307.22. Following the sale, the chief financial officer directly owned 110,831 shares in the company, valued at $763,625.59. This represents a 7.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of the firm's stock in a transaction on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total transaction of $110,075.20. Following the completion of the transaction, the insider directly owned 180,179 shares of the company's stock, valued at approximately $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 298,335 shares of company stock worth $2,281,868. Company insiders own 20.35% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ancora Advisors LLC bought a new stake in Joby Aviation during the second quarter valued at approximately $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Joby Aviation during the 4th quarter valued at $28,000. Leonteq Securities AG lifted its holdings in shares of Joby Aviation by 295.2% during the 1st quarter. Leonteq Securities AG now owns 4,351 shares of the company's stock worth $36,000 after acquiring an additional 3,250 shares during the last quarter. Western Wealth Management LLC purchased a new position in Joby Aviation in the first quarter worth $37,000. Finally, Geneos Wealth Management Inc. increased its stake in Joby Aviation by 95.5% in the first quarter. Geneos Wealth Management Inc. now owns 5,385 shares of the company's stock valued at $44,000 after acquiring an additional 2,630 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

Joby Aviation, Inc develops electric vertical takeoff and landing (eVTOL) aircraft intended to support commercial air-taxi services. Its aircraft are designed to take off and land vertically like helicopters while traveling with the speed and range of conventional aircraft, with the goal of providing quieter, lower-emission transportation for urban and regional journeys.

The company is pursuing an integrated business model that includes designing and manufacturing its aircraft, operating air-taxi services, and providing related technology and infrastructure.

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