Joby Aviation (NYSE:JOBY) Stock Price Down 3.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 3.2% during mid-day trading on Thursday . The company traded as low as $8.42 and last traded at $8.49. Approximately 3,287,824 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 15,702,084 shares. The stock had previously closed at $8.77.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of research analyst reports. Needham & Company LLC upped their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and increased their target price for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. Finally, Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Price Performance

The company has a 50-day moving average price of $8.09 and a two-hundred day moving average price of $6.39. The company has a market cap of $6.53 billion, a PE ratio of -12.15 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS 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 during the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the prior year, the company posted ($0.13) EPS. On average, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction on Monday, January 6th. The stock was sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction on Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 in the last quarter. Insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently modified their holdings of JOBY. Bouvel Investment Partners LLC raised its holdings in Joby Aviation by 1.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after buying an additional 1,715 shares in the last quarter. Tidal Investments LLC grew its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after buying an additional 3,522 shares in the last quarter. Kensington Investment Counsel LLC grew its position in Joby Aviation by 12.0% during the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after buying an additional 3,653 shares in the last quarter. Amalgamated Bank grew its position in Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after buying an additional 4,391 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

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.