Joby Aviation (NYSE:JOBY) Shares Down 2.1% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares fell 2.1% during mid-day trading on Monday . The company traded as low as $6.81 and last traded at $6.83. 23,599,932 shares traded hands during trading, a decline of 27% from the average session volume of 32,223,340 shares. The stock had previously closed at $6.98.

Analyst Ratings Changes

JOBY has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating on shares of Joby Aviation in a report on Thursday, August 6th. Wall Street Zen cut shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Susquehanna set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, August 6th. Barclays upgraded shares of Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley reduced their target price on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Stock Down 2.2%

The business has a 50-day simple moving average of $7.82 and a two-hundred day simple moving average of $9.04. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of -6.76 and a beta of 2.69. The company has a debt-to-equity ratio of 0.40, a quick ratio of 17.98 and a current ratio of 17.98.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The company had revenue of $38.64 million during the quarter, compared to analyst estimates of $30.20 million. During the same period in the previous year, the firm posted ($0.41) EPS. The company’s revenue for the quarter was up 257493.3% on a year-over-year basis. As a group, equities analysts predict that Joby Aviation, Inc. will post -1 EPS for the current year.

Insider Buying and Selling

In related news, Director Paul Cahill Sciarra sold 62,500 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $7.96, for a total transaction of $497,500.00. Following the completion of the transaction, the director directly owned 55,765,557 shares of the company’s stock, valued at $443,893,833.72. This represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joeben Bevirt sold 15,788 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $140,828.96. Following the completion of the sale, the chief executive officer owned 239,671 shares of the company’s stock, valued at approximately $2,137,865.32. The trade was a 6.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 275,569 shares of company stock worth $2,511,445 in the last ninety days. Insiders own 20.35% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently modified their holdings of the business. EP Wealth Advisors LLC raised its position in Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company’s stock worth $403,000 after acquiring an additional 821 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of Joby Aviation by 38.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,256 shares of the company’s stock worth $56,000 after purchasing an additional 1,188 shares in the last quarter. Strs Ohio grew its stake in shares of Joby Aviation by 2.5% during the 1st quarter. Strs Ohio now owns 50,000 shares of the company’s stock worth $413,000 after purchasing an additional 1,200 shares during the period. Scotia Capital Inc. grew its stake in shares of Joby Aviation by 8.1% during the 3rd quarter. Scotia Capital Inc. now owns 16,663 shares of the company’s stock worth $269,000 after purchasing an additional 1,250 shares during the period. Finally, Parallel Advisors LLC increased its holdings in shares of Joby Aviation by 23.3% in the 3rd quarter. Parallel Advisors LLC now owns 6,845 shares of the company’s stock valued at $110,000 after purchasing an additional 1,295 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

About Joby Aviation

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.