Joby Aviation (NYSE:JOBY) Downgraded by JPMorgan Chase & Co. to “Underweight”

Joby Aviation (NYSE:JOBY) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday,Briefing.com Automated Import reports. They currently have a $6.00 price target on the stock, up from their previous price target of $5.00. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 36.97% from the stock’s current price.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group raised their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Needham & Company LLC started coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

JOBY stock opened at $9.52 on Friday. The firm has a market cap of $7.28 billion, a price-to-earnings ratio of -13.60 and a beta of 2.33. Joby Aviation has a 1-year low of $4.50 and a 1-year high of $10.72. The firm has a fifty day moving average price of $7.56 and a two-hundred day moving average price of $6.18.

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

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of JOBY. Geode Capital Management LLC lifted its stake in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. State Street Corp lifted its holdings in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares during the last quarter. Ieq Capital LLC boosted its position in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after buying an additional 115,483 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.