Joby Aviation, Inc. (NYSE:JOBY) Stock Rated “Reduce” by Wall Street Analysts

Shares of Joby Aviation, Inc. (NYSE:JOBY) have earned a consensus rating of “Reduce” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $12.39.

A number of analysts have recently commented on JOBY shares. Wall Street Zen cut Joby Aviation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Monday, October 12th. Barclays initiated coverage on Joby Aviation in a research note on Friday, October 9th. They issued an “underweight” rating and a $4.00 price objective for the company. Morgan Stanley set a $10.00 price objective on Joby Aviation in a report on Friday. Finally, Needham & Company LLC decreased their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 6th.

Joby Aviation Price Performance

Shares of NYSE:JOBY opened at $4.67 on Tuesday. The company’s fifty day moving average price is $6.55 and its 200 day moving average price is $8.19. Joby Aviation has a 12 month low of $4.43 and a 12 month high of $17.50. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98. The firm has a market capitalization of $4.61 billion, a P/E ratio of -4.71 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share 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 analysts’ expectations of $30.20 million. During the same period last year, the firm earned ($0.41) earnings per share. Joby Aviation’s revenue was up 257493.3% on a year-over-year basis. As a group, sell-side analysts predict that Joby Aviation will post -1.00 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO JoeBen Bevirt sold 606,667 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $6.19, for a total transaction of $3,755,268.73. Following the completion of the sale, the chief executive officer owned 57,207,377 shares in the company, valued at $354,113,663.63. This represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Rodrigo Brumana sold 37,831 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $6.77, for a total transaction of $256,115.87. Following the transaction, the chief financial officer directly owned 119,729 shares in the company, valued at $810,565.33. The trade was 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. Over the last ninety days, insiders sold 955,128 shares of company stock worth $6,029,465. Corporate insiders own 20.35% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC boosted its stake 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 buying an additional 2,645,200 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Joby Aviation by 48.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,679,515 shares of the company’s stock worth $22,133,000 after buying an additional 870,244 shares during the last quarter. Amova Asset Management Americas Inc. grew its holdings in shares of Joby Aviation by 48.1% during the first quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company’s stock worth $22,124,000 after buying an additional 870,244 shares during the last quarter. Bank of New York Mellon Corp increased its position in Joby Aviation by 27.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company’s stock valued at $19,059,000 after acquiring an additional 462,585 shares during the period. Finally, USS Investment Management Ltd acquired a new position in Joby Aviation in the 1st quarter valued at about $8,868,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.