Joby Aviation, Inc. (NYSE:JOBY) Stock Has Average Target Price of $13.81 According to Brokerages

Joby Aviation, Inc. (NYSE:JOBY) has been assigned a consensus recommendation of “Reduce” from the ten research firms that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $13.81.

A number of analysts have recently issued reports on JOBY shares. Needham & Company LLC dropped their price target on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Monday. Wall Street Zen lowered shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Barclays raised shares of Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings upgraded shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th.

Insider Activity

In other Joby Aviation news, CFO Rodrigo Brumana sold 37,831 shares of Joby Aviation stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $6.77, for a total value of $256,115.87. Following the transaction, the chief financial officer directly owned 119,729 shares of the company’s stock, valued at $810,565.33. The trade was a 24.01% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Allison sold 27,932 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider owned 710,396 shares of the company’s stock, valued at $5,349,281.88. The trade was a 3.78% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 911,140 shares of company stock valued at $6,076,113. Company insiders own 20.35% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of JOBY. QRG Capital Management Inc. lifted its position in Joby Aviation by 116.4% during the second quarter. QRG Capital Management Inc. now owns 33,868 shares of the company’s stock valued at $302,000 after buying an additional 18,219 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Joby Aviation by 22.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 385,572 shares of the company’s stock worth $3,439,000 after buying an additional 70,772 shares during the period. Integrated Wealth Concepts LLC grew its position in shares of Joby Aviation by 46.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 57,994 shares of the company’s stock worth $517,000 after buying an additional 18,427 shares during the period. NewEdge Advisors LLC increased its stake in shares of Joby Aviation by 37.8% in the 2nd quarter. NewEdge Advisors LLC now owns 53,240 shares of the company’s stock worth $475,000 after acquiring an additional 14,594 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Joby Aviation by 10.2% in the 2nd quarter. Arizona State Retirement System now owns 67,557 shares of the company’s stock worth $603,000 after acquiring an additional 6,258 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

Joby Aviation Stock Performance

NYSE:JOBY opened at $6.30 on Friday. 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 business has a fifty day simple moving average of $7.18 and a two-hundred day simple moving average of $8.62. Joby Aviation has a 1 year low of $5.93 and a 1 year high of $19.98. The company has a market capitalization of $6.23 billion, a P/E ratio of -6.36 and a beta of 2.68.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) EPS 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 business 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 company posted ($0.41) earnings per share. The business’s quarterly revenue was up 257493.3% compared to the same quarter last year. On average, analysts expect that Joby Aviation will post -1 earnings per share for the current year.

About Joby Aviation

Joby Aviation, Inc develops electric vertical takeoff and landing (eVTOL) aircraft intended to support commercial air-taxi services. Its aircraft are designed to take off and land vertically like helicopters while traveling with the speed and range of conventional aircraft, with the goal of providing quieter, lower-emission transportation for urban and regional journeys.

The company is pursuing an integrated business model that includes designing and manufacturing its aircraft, operating air-taxi services, and providing related technology and infrastructure.