Joby Aviation (NYSE:JOBY) Trading Down 3.4% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 3.4% during mid-day trading on Tuesday . The company traded as low as $14.10 and last traded at $14.2810. Approximately 16,255,582 shares were traded during trading, a decline of 38% from the average daily volume of 26,185,078 shares. The stock had previously closed at $14.78.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of recent analyst reports. Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. JPMorgan Chase & Co. lifted their target price 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. The Goldman Sachs Group began coverage on shares of Joby Aviation in a report on Monday, December 1st. They set a “sell” rating and a $10.00 price target on the stock. Finally, Morgan Stanley upped their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $13.43.

Joby Aviation Stock Up 0.1%

The firm has a market capitalization of $13.02 billion, a PE ratio of -10.65 and a beta of 2.53. The business’s 50-day moving average price is $14.97 and its 200-day moving average price is $14.57.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data 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 analysts’ expectations of $0.02 million. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. The business’s quarterly revenue was up 7962.1% compared to the same quarter last year. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 8,272 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total transaction of $138,804.16. Following the completion of the sale, the insider directly owned 219,206 shares in the company, valued at approximately $3,678,276.68. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 253,600 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total value of $4,131,144.00. Following the completion of the transaction, the chief executive officer owned 60,273,162 shares in the company, valued at $981,849,808.98. This trade represents a 0.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 588,994 shares of company stock valued at $9,660,128 in the last three months. Company insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently added to or reduced their stakes in the company. Toyota Motor Corp lifted its stake in shares of Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after buying an additional 5,828,189 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Joby Aviation by 5.4% in the second quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock worth $117,230,000 after buying an additional 573,328 shares during the last quarter. State Street Corp boosted its stake in shares of Joby Aviation by 3.0% during the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock worth $109,636,000 after acquiring an additional 305,109 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its stake in shares of Joby Aviation by 58.2% in the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock valued at $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.