Weiss Ratings Reaffirms Sell (D-) Rating for Joby Aviation (NYSE:JOBY)

Joby Aviation (NYSE:JOBY - Get Free Report)'s stock had its "sell (d-)" rating reiterated by equities research analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Other equities analysts have also issued research reports about the company. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. boosted their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald reissued a "neutral" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and upped their price target for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $10.50.

Joby Aviation Trading Down 8.1%

Shares of JOBY stock opened at $17.38 on Wednesday. The stock has a 50 day moving average of $15.80 and a 200 day moving average of $11.21. The stock has a market cap of $14.88 billion, a P/E ratio of -16.24 and a beta of 2.52. Joby Aviation has a twelve month low of $4.80 and a twelve month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. Joby Aviation's quarterly revenue was down 94.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) EPS. On average, research analysts predict that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 32,284 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $541,725.52. Following the completion of the sale, the chief executive officer directly owned 249,587 shares of the company's stock, valued at $4,188,069.86. This trade represents a 11.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 5,102 shares of the firm's stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.08, for a total value of $92,244.16. Following the completion of the transaction, the insider directly owned 98,104 shares of the company's stock, valued at $1,773,720.32. The trade was a 4.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,330,881 shares of company stock worth $33,997,315. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after purchasing an additional 1,880 shares in the last quarter. Hilltop National Bank bought a new stake in Joby Aviation in the third quarter valued at about $32,000. GPS Wealth Strategies Group LLC increased its holdings in Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after buying an additional 750 shares during the last quarter. GAMMA Investing LLC increased its holdings in Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after buying an additional 5,015 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Joby Aviation during the first quarter valued at approximately $37,000. 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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