Joby Aviation, Inc. (NYSE:JOBY) Receives Consensus Rating of “Reduce” from Analysts

Shares of Joby Aviation, Inc. (NYSE:JOBY) have been assigned a consensus recommendation of “Reduce” from the ten ratings firms that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $13.8125.

A number of equities analysts have recently issued reports on JOBY shares. Needham & Company LLC dropped their target price on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Barclays upgraded Joby Aviation to a “hold” rating in a research report on Wednesday, July 29th. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Monday. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Joby Aviation in a report on Monday.

Joby Aviation News Roundup

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Joby reported that a Cessna Caravan flew 3,199 miles—about 5,148 kilometers—across the United States without the onboard safety pilot touching the controls. The flight covered multiple airports, weather conditions and operating environments, providing a high-profile demonstration of Joby’s autonomy and flight-management technology. Joby autonomous Cessna flight article
• Positive Sentiment: The autonomous transcontinental flight was described as a first for the United States and could strengthen Joby’s credibility with regulators, investors and potential commercial partners. Zacks autonomous flight article
• Positive Sentiment: HC Wainwright reaffirmed its “buy” rating and maintained an $18 price target, implying substantial upside from the stock’s recent trading level. The bullish view reflects expectations that Joby’s technology and eventual air-taxi market could support significant long-term growth.
• Neutral Sentiment: The flight used a Caravan aircraft with a safety pilot aboard rather than Joby’s planned electric vertical-takeoff-and-landing aircraft. It is therefore an important technology validation, but it does not by itself establish FAA certification, commercial launch timing or near-term revenue.
• Neutral Sentiment: Local coverage of Girls in Aviation Day at Marina Municipal Airport highlighted Joby’s broader community and aviation-outreach efforts, but the event is unlikely to materially affect near-term financial results. Girls in Aviation Day article

Insider Activity

In other Joby Aviation news, CEO JoeBen Bevirt sold 606,667 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.19, for a total value of $3,755,268.73. Following the transaction, the chief executive officer directly owned 57,207,377 shares in the company, valued at $354,113,663.63. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Rodrigo Brumana sold 37,831 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.77, for a total transaction of $256,115.87. Following the sale, the chief financial officer directly owned 119,729 shares in the company, valued at $810,565.33. This represents a 24.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 905,002 shares of company stock worth $6,037,136 over the last ninety days. Corporate insiders own 20.35% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. Renaissance Technologies LLC lifted its position in shares of Joby Aviation by 194.5% during the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after purchasing an additional 2,645,200 shares in the last quarter. Norges Bank bought a new position in Joby Aviation in the 4th quarter valued at $32,269,000. Clear Street Group Inc. raised its position in shares of Joby Aviation by 59.9% during the fourth quarter. Clear Street Group Inc. now owns 3,593,043 shares of the company’s stock worth $47,428,000 after acquiring an additional 1,346,205 shares during the last quarter. USS Investment Management Ltd acquired a new position in shares of Joby Aviation during the first quarter valued at $8,868,000. Finally, Seven Grand Managers LLC acquired a new stake in Joby Aviation in the fourth quarter worth about $13,200,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Price Performance

Shares of Joby Aviation stock opened at $6.43 on Friday. The firm has a market cap of $6.36 billion, a P/E ratio of -6.50 and a beta of 2.68. The firm’s 50-day simple moving average is $7.23 and its 200-day simple moving average is $8.67. Joby Aviation has a twelve month low of $5.93 and a twelve month high of $19.98. 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 posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $38.64 million during the quarter, compared to analyst estimates of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The business’s revenue for the quarter was up 257493.3% on a year-over-year basis. During the same period last year, the company earned ($0.41) EPS. As a group, research analysts expect that Joby Aviation will post -1 EPS for the current fiscal year.

Joby Aviation Company Profile

Joby Aviation, Inc develops electric vertical takeoff and landing (eVTOL) aircraft intended to support commercial air-taxi services. Its aircraft are designed to take off and land vertically like helicopters while traveling with the speed and range of conventional aircraft, with the goal of providing quieter, lower-emission transportation for urban and regional journeys.

The company is pursuing an integrated business model that includes designing and manufacturing its aircraft, operating air-taxi services, and providing related technology and infrastructure.