Joby Aviation (NYSE:JOBY) Rating Lowered to Underweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Joby Aviation (NYSE:JOBY) from a neutral rating to an underweight rating in a research note released on Friday, MarketBeat reports. They currently have $6.00 price target on the stock, up from their previous price target of $5.00.

A number of other brokerages have also issued reports on JOBY. Needham & Company LLC started 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. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Canaccord Genuity Group upped their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Down 7.7 %

JOBY opened at $8.76 on Friday. The firm’s fifty day simple moving average is $7.64 and its two-hundred day simple moving average is $6.20. Joby Aviation has a 52-week low of $4.50 and a 52-week high of $10.72. The company has a market cap of $6.70 billion, a price-to-earnings ratio of -12.51 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) 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 company 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 business posted ($0.13) earnings per share. On average, research analysts forecast that Joby Aviation will post -0.69 EPS for the current year.

Insider Activity

In other news, insider Eric Allison sold 27,817 shares of Joby Aviation stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the sale, the insider now owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. The trade was a 5.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 completion of the transaction, the insider now owns 54,776 shares of the company’s stock, 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. In the last quarter, insiders have sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its stake in Joby Aviation by 59.6% during the second quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock worth $277,000 after buying an additional 20,280 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Joby Aviation by 67.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock worth $522,000 after purchasing an additional 41,128 shares during the period. Rhumbline Advisers increased its holdings in Joby Aviation by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the last quarter. Choreo LLC acquired a new position in Joby Aviation during the second quarter worth $60,000. Finally, Amalgamated Bank boosted its position in shares of 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 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.