Joby Aviation (NYSE:JOBY) Shares Down 3.7% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) fell 3.7% on Wednesday . The stock traded as low as $11.14 and last traded at $11.4250. 31,733,753 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 27,995,713 shares. The stock had previously closed at $11.87.

Analysts Set New Price Targets

Several brokerages have recently weighed in on JOBY. Oppenheimer set a $18.00 price target on Joby Aviation in a research report on Thursday, February 26th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Wednesday, May 6th. Weiss Ratings lowered Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Morgan Stanley dropped their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation Stock Down 14.2%

The company has a market cap of $9.40 billion, a P/E ratio of -8.31 and a beta of 2.66. The company has a 50 day moving average of $9.68 and a 200-day moving average of $11.52. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The company had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the company earned ($0.11) earnings per share. On average, equities analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94. Following the completion of the sale, the insider owned 182,319 shares of the company’s stock, valued at $2,091,198.93. The trade was a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Joeben Bevirt sold 421,019 shares of Joby Aviation stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $10.38, for a total value of $4,370,177.22. Following the sale, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 1,505,784 shares of company stock valued at $15,457,801. 28.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently added to or reduced their stakes in the company. Strategic Advocates LLC bought a new stake in Joby Aviation during the third quarter worth about $29,000. Fifth Third Bancorp lifted its stake in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after purchasing an additional 1,348 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Joby Aviation during the fourth quarter worth about $28,000. Ancora Advisors LLC bought a new stake in Joby Aviation during the third quarter worth about $35,000. Finally, Pandora Wealth Inc. bought a new stake in Joby Aviation during the fourth quarter worth about $32,000. Institutional investors own 52.85% of the company’s stock.

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.