Joby Aviation (NYSE:JOBY) Shares Down 4.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 4.3% on Tuesday . The company traded as low as $14.15 and last traded at $14.7530. Approximately 32,353,059 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 29,584,594 shares. The stock had previously closed at $15.41.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Friday, October 31st. Morgan Stanley raised their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a research note on Thursday, November 6th. Finally, HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $13.43.

Joby Aviation Price Performance

The stock’s 50-day moving average price is $14.53 and its 200-day moving average price is $15.13. The company has a market cap of $13.45 billion, a P/E ratio of -11.01 and a beta of 2.56.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. The business’s revenue for the quarter was up 7962.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.21) earnings per share. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In other news, insider Kate Dehoff sold 10,484 shares of Joby Aviation stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.51, for a total value of $141,638.84. Following the completion of the sale, the insider directly owned 165,696 shares in the company, valued at approximately $2,238,552.96. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bonny W. Simi sold 110,173 shares of the business’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total value of $1,525,896.05. Following the completion of the sale, the insider owned 125,114 shares of the company’s stock, valued at approximately $1,732,828.90. This trade represents a 46.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 220,878 shares of company stock valued at $3,037,957. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Large investors have recently modified their holdings of the stock. CWM LLC raised its stake in Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after purchasing an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC grew its stake in Joby Aviation by 22.5% during the third quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company’s stock worth $61,000 after buying an additional 697 shares in the last quarter. Asset Planning Inc increased its holdings in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after buying an additional 700 shares during the period. GoalVest Advisory LLC raised its position in shares of Joby Aviation by 2.1% in the 4th quarter. GoalVest Advisory LLC now owns 33,500 shares of the company’s stock valued at $442,000 after buying an additional 700 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Joby Aviation by 4.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock valued at $270,000 after buying an additional 736 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.