Joby Aviation (NYSE:JOBY) Sets New 52-Week Low - Time to Sell?

Key Points

• Joby Aviation shares fell to a new 52-week low of $5.93, below both the 50-day moving average of $7.06 and the 200-day moving average of $8.51.
• Analyst sentiment is cautious, with a consensus rating of “Reduce” and an average price target of $13.81; ratings include two Buys, five Holds, and three Sells.
• The company reported a quarterly EPS loss of $0.25, missing estimates, despite revenue of $38.64 million exceeding expectations. Insiders sold 847,917 shares over the past 90 days, though the transactions were made under pre-arranged trading plans.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price hit a new 52-week low during trading on Thursday. The company traded as low as $5.93 and last traded at $5.9450, with a volume of 1843321 shares. The stock had previously closed at $6.05.

Analysts Set New Price Targets

JOBY has been the topic of several analyst reports. Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Joby Aviation in a research note on Monday, September 21st. Weiss Ratings upgraded shares of Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 14th. Barclays upgraded shares of Joby Aviation to a "hold" rating in a research report on Wednesday, July 29th. Finally, Needham & Company LLC reduced their target price 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. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Joby Aviation currently has a consensus rating of "Reduce" and a consensus price target of $13.81.

Joby Aviation Stock Down 1.7%

The company's 50 day moving average is $7.06 and its 200 day moving average is $8.51. The company has a market cap of $5.88 billion, a PE ratio of -6.00 and a beta of 2.68. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40.

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

Insider Transactions at Joby Aviation

In other Joby Aviation news, CEO JoeBen Bevirt sold 606,667 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $6.19, for a total transaction of $3,755,268.73. Following the transaction, the chief executive officer directly owned 57,207,377 shares in the company, valued at $354,113,663.63. This trade represents a 1.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Sciarra sold 62,500 shares of Joby Aviation stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.68, for a total value of $417,500.00. Following the sale, the director directly owned 55,703,057 shares of the company's stock, valued at approximately $372,096,420.76. This trade represents a 0.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 847,917 shares of company stock valued at $5,512,163 in the last ninety days. Corporate insiders own 20.35% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

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