Joby Aviation, Inc. (NYSE:JOBY) Given Average Rating of “Reduce” by Brokerages

Joby Aviation, Inc. (NYSE:JOBY) has been given a consensus rating of “Reduce” by the nine research firms that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $13.8125.

Several research analysts recently issued reports on JOBY shares. 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. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Barclays raised shares of Joby Aviation to a “hold” rating in a report on Wednesday, July 29th. Wall Street Zen cut Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Canaccord Genuity Group reduced their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th.

Joby Aviation Trading Down 1.7%

NYSE:JOBY opened at $7.03 on Monday. The company has a market capitalization of $6.95 billion, a P/E ratio of -7.10 and a beta of 2.73. 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 firm has a fifty day simple moving average of $7.94 and a 200-day simple moving average of $9.10. Joby Aviation has a 12 month low of $6.63 and a 12 month high of $19.98.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share 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 firm had revenue of $38.64 million for the quarter, compared to analysts’ expectations of $30.20 million. During the same quarter in the previous year, the firm posted ($0.41) EPS. The firm’s revenue for the quarter was up 257493.3% compared to the same quarter last year. On average, equities research analysts anticipate that Joby Aviation will post -1 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Eric Allison sold 27,932 shares of the firm’s stock in a transaction dated 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 directly owned 710,396 shares of the company’s stock, valued at approximately $5,349,281.88. This trade represents a 3.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 14,240 shares of Joby Aviation stock in a transaction dated Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider owned 180,179 shares in the company, valued at approximately $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 quarter, insiders have sold 275,569 shares of company stock valued at $2,511,445. 20.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the business. Fifth Third Bancorp grew its stake in Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation in the 4th quarter worth $28,000. Ancora Advisors LLC acquired a new stake in shares of Joby Aviation in the 3rd quarter worth $35,000. Pandora Wealth Inc. acquired a new stake in Joby Aviation during the fourth quarter worth about $32,000. Finally, DV Equities LLC acquired a new stake in Joby Aviation during the fourth quarter worth about $33,000. Hedge funds and other institutional investors 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.