Joby Aviation (NYSE:JOBY) Hits New 52-Week Low - Here's Why

Key Points

• Joby Aviation shares fell 5.4% to a new 52-week low of $5.13, well below their 50-day and 200-day moving averages. The stock has a market capitalization of roughly $5.09 billion.
• Analyst sentiment is broadly negative, with an average “Reduce” rating and a $12.72 price target. Recent coverage includes Barclays’ “underweight” rating with a $4 target and Wall Street Zen’s “strong sell” downgrade, though Needham maintained a “buy” rating.
• The company missed quarterly EPS estimates, reporting a loss of $0.25 per share versus expectations of $0.23, despite revenue of $38.64 million exceeding forecasts. Insiders have sold 919,256 shares worth approximately $5.85 million over the past three months.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price hit a new 52-week low during trading on Tuesday. The company traded as low as $5.13 and last traded at $5.1450, with a volume of 25,036,014 shares traded. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on JOBY shares. Weiss Ratings raised shares of Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald reissued a "neutral" rating on shares of Joby Aviation in a research note on Monday, September 21st. Barclays assumed coverage on Joby Aviation in a report on Friday. They set an "underweight" rating and a $4.00 price objective on the stock. Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Finally, Needham & Company LLC reduced their price target on shares of Joby Aviation from $18.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $12.72.

Joby Aviation Trading Down 5.4%

The firm has a market capitalization of $5.09 billion, a PE ratio of -5.20 and a beta of 2.66. The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40. The company's 50-day simple moving average is $6.82 and its 200 day simple moving average is $8.30.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $38.64 million during the quarter, compared to analysts' expectations of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%. The firm's quarterly revenue was up 257493.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.41) EPS. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -1.00 EPS for the current year.

Insider Transactions at Joby Aviation

In related news, insider Gregory Bowles sold 5,302 shares of the company's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $5.78, for a total transaction of $30,645.56. Following the transaction, the insider directly owned 193,704 shares of the company's stock, valued at $1,119,609.12. This represents a 2.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 9,331 shares of the stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $5.95, for a total value of $55,519.45. Following the completion of the sale, the insider owned 719,164 shares of the company's stock, valued at approximately $4,279,025.80. This trade represents a 1.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 919,256 shares of company stock worth $5,846,877. 20.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC lifted its position in Joby Aviation by 194.5% during the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company's stock worth $33,083,000 after acquiring an additional 2,645,200 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in Joby Aviation by 48.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,679,515 shares of the company's stock valued at $22,133,000 after purchasing an additional 870,244 shares during the last quarter. Amova Asset Management Americas Inc. grew its stake in Joby Aviation by 48.1% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company's stock valued at $22,124,000 after purchasing an additional 870,244 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Joby Aviation by 27.6% in the second quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company's stock valued at $19,059,000 after purchasing an additional 462,585 shares during the period. Finally, USS Investment Management Ltd acquired a new position in shares of Joby Aviation in the first quarter valued at about $8,868,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

Joby Aviation, Inc NYSE: JOBY is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.

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