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

Joby Aviation, Inc. (NYSE:JOBY) has been assigned an average recommendation of “Reduce” from the nine research firms that are presently covering the stock, Marketbeat.com reports. Three 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 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $13.0625.

Several equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, March 12th. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Canaccord Genuity Group dropped their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Morgan Stanley dropped their price target 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. Finally, Weiss Ratings lowered Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th.

Joby Aviation Price Performance

JOBY opened at $9.14 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. Joby Aviation has a 52-week low of $7.75 and a 52-week high of $20.95. The stock has a market capitalization of $8.99 billion, a PE ratio of -7.95 and a beta of 2.66. The stock’s 50 day moving average price is $9.80 and its 200-day moving average price is $11.34.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same period in the previous year, the company posted ($0.11) earnings per share. On average, equities research analysts predict that Joby Aviation will post -0.83 EPS for the current year.

Insiders Place Their Bets

In other Joby Aviation news, Director Paul Cahill Sciarra sold 416,666 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the sale, the director directly owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. The trade was a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gregory Bowles sold 4,602 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total value of $52,784.94. Following the completion of the sale, the insider directly owned 182,319 shares in the company, valued at $2,091,198.93. This trade represents a 2.46% 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. In the last ninety days, insiders sold 1,562,607 shares of company stock valued at $16,125,250. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Royal Bank of Canada raised its stake in shares of Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after purchasing an additional 44,659 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Joby Aviation in the first quarter worth $273,000. Strs Ohio purchased a new position in shares of Joby Aviation in the first quarter worth $37,000. Cetera Investment Advisers raised its stake in shares of Joby Aviation by 16.0% in the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after purchasing an additional 8,840 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 during the last quarter. 52.85% of the stock is owned by institutional investors.

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.