Joby Aviation (NYSE:JOBY) Shares Down 2.6% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 2.6% during mid-day trading on Thursday . The stock traded as low as $11.08 and last traded at $11.1290. Approximately 23,501,535 shares changed hands during trading, a decline of 16% from the average daily volume of 27,982,219 shares. The stock had previously closed at $11.43.

Wall Street Analyst Weigh In

JOBY has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Canaccord Genuity Group reduced their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Stock Down 2.6%

The stock has a market cap of $10.95 billion, a PE ratio of -9.68 and a beta of 2.66. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The company’s 50-day moving average price is $9.64 and its 200 day moving average price is $11.54.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The firm had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. As a group, analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Allison sold 74,844 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total value of $748,440.00. Following the completion of the sale, the insider directly owned 676,008 shares of the company’s stock, valued at approximately $6,760,080. This represents a 9.97% decrease in their position. 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, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at $328,825,964.76. This represents a 1.31% 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. Insiders sold a total of 1,505,784 shares of company stock worth $15,457,801 in the last ninety days. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Royal Bank of Canada increased its holdings in Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after acquiring an additional 44,659 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Joby Aviation in the 1st quarter worth approximately $273,000. Strs Ohio purchased a new stake in Joby Aviation in the 1st quarter worth approximately $37,000. Cetera Investment Advisers increased its holdings in Joby Aviation by 16.0% in the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after acquiring an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Joby Aviation by 80.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after acquiring an additional 333,995 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile

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.