Joby Aviation (NYSE:JOBY) Hits New 52-Week Low – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as $6.61 and last traded at $6.7150, with a volume of 2332756 shares trading hands. The stock had previously closed at $6.84.

Analyst Upgrades and Downgrades

JOBY has been the subject of several analyst reports. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Wall Street Zen lowered Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Morgan Stanley dropped their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Needham & Company LLC cut their target price on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Barclays raised Joby Aviation to a “hold” rating in a report on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Price Performance

The firm has a market cap of $6.75 billion, a PE ratio of -6.89 and a beta of 2.68. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average price of $7.77 and a 200 day moving average price of $9.01.

Joby Aviation (NYSE:JOBY) last announced 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). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The business had revenue of $38.64 million during the quarter, compared to analysts’ expectations of $30.20 million. During the same period last year, the company earned ($0.41) EPS. The firm’s revenue for the quarter was up 257493.3% on a year-over-year basis. On average, sell-side analysts expect that Joby Aviation, Inc. will post -1 EPS for the current year.

Insider Activity

In other Joby Aviation news, insider Eric Allison sold 27,932 shares of the business’s stock in a transaction on Monday, July 13th. The shares were sold at an average price of $7.53, for a total value of $210,327.96. Following the transaction, the insider owned 710,396 shares in the company, valued at $5,349,281.88. The trade was a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Didier Papadopoulos sold 12,939 shares of Joby Aviation stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $115,415.88. Following the sale, the insider owned 160,620 shares in the company, valued at $1,432,730.40. This represents a 7.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 197,080 shares of company stock worth $1,624,519 in the last quarter. Insiders own 20.35% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada boosted its stake in Joby Aviation by 110.5% during the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after acquiring an additional 44,659 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Joby Aviation in the 1st quarter worth about $273,000. Strs Ohio acquired a new stake in shares of Joby Aviation in the 1st quarter valued at about $37,000. Cetera Investment Advisers raised its stake in shares of Joby Aviation by 16.0% in the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock valued at $676,000 after purchasing an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after purchasing an additional 333,995 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.