Joby Aviation (NYSE:JOBY) Shares Down 2.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 2.3% during trading on Monday . The stock traded as low as $8.16 and last traded at $8.18. Approximately 9,871,001 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 17,184,500 shares. The stock had previously closed at $8.37.

Analyst Ratings Changes

Several equities analysts recently weighed in on JOBY shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. Canaccord Genuity Group raised their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, 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 note on Tuesday, January 14th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Price Performance

The stock has a market cap of $6.25 billion, a P/E ratio of -11.68 and a beta of 2.33. The stock’s 50-day moving average is $7.94 and its two-hundred day moving average is $6.33.

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

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction that occurred on 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 owns 58,994,729 shares in the company, valued at approximately $471,957,832. The trade was a 0.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the sale, the insider now owns 54,776 shares in the company, valued at $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 640,849 shares of company stock worth $5,601,747 over the last 90 days. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the period. State Street Corp boosted its position 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 buying an additional 812,248 shares during the period. Susquehanna Fundamental Investments LLC grew its stake in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the last quarter. Holocene Advisors LP raised its holdings in shares of Joby Aviation by 91.7% in the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after buying an additional 249,375 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Joby Aviation by 15.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 266,882 shares of the company’s stock worth $1,342,000 after acquiring an additional 34,866 shares during the last quarter. Institutional investors own 52.85% 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.