Joby Aviation (NYSE:JOBY) Shares Down 2.6% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) traded down 2.6% during trading on Monday . The stock traded as low as $8.33 and last traded at $8.54. 4,624,503 shares changed hands during trading, a decline of 70% from the average session volume of 15,181,391 shares. The stock had previously closed at $8.76.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on JOBY shares. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC increased their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $5.00 to $6.00 in a research note on Friday, January 10th. Finally, Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Trading Down 0.4 %

The company has a market cap of $6.38 billion, a P/E ratio of -11.91 and a beta of 2.33. The company has a 50 day moving average price of $8.29 and a 200-day moving average price of $6.48.

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

Insider Activity at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the transaction, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their position. 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 stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now owns 54,776 shares in the company, valued at $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 672,338 shares of company stock worth $5,864,050 over the last three months. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of JOBY. Larson Financial Group LLC lifted its stake in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares in the last quarter. Salem Investment Counselors Inc. grew its holdings in shares of Joby Aviation by 5,000.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after acquiring an additional 5,000 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Joby Aviation during the 4th quarter valued at $42,000. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the 3rd quarter worth $51,000. Finally, Sound Income Strategies LLC boosted its holdings in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

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.