Joby Aviation (NYSE:JOBY) Shares Gap Down – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $8.54, but opened at $8.07. Joby Aviation shares last traded at $7.94, with a volume of 5,701,523 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on JOBY. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC began coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target on the stock. Canaccord Genuity Group decreased their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Down 6.9 %

The company has a fifty day simple moving average of $6.22 and a two-hundred day simple moving average of $5.62. The stock has a market capitalization of $6.08 billion, a P/E ratio of -11.16 and a beta of 2.31.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter last year, the firm earned ($0.13) EPS. As a group, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Matthew Field sold 5,643 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the transaction, the insider now owns 293,143 shares of the company’s stock, valued at $1,747,132.28. This represents a 1.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares in the company, valued at $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 535,526 shares of company stock valued at $2,745,708 over the last quarter. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC grew its stake in Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after buying an additional 670,852 shares during the last quarter. Kensington Investment Counsel LLC grew its stake in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after buying an additional 3,653 shares in the last quarter. EP Wealth Advisors LLC increased its holdings in Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after buying an additional 5,000 shares during the last quarter. Finally, State Street Corp raised its position in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Institutional investors and hedge funds own 45.54% 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.