Joby Aviation (NYSE:JOBY) Shares Down 6.5% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 6.5% on Monday . The stock traded as low as $13.28 and last traded at $13.4850. Approximately 18,281,892 shares were traded during trading, a decline of 32% from the average daily volume of 26,833,896 shares. The stock had previously closed at $14.43.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Morgan Stanley increased their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and raised their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. HC Wainwright reaffirmed a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Friday, October 31st. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Reduce” and a consensus target price of $13.43.

Joby Aviation Stock Performance

The firm has a 50-day moving average price of $15.86 and a 200 day moving average price of $13.72. The stock has a market capitalization of $12.30 billion, a P/E ratio of -10.06 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. The company’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.21) earnings per share. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 20,824 shares of the business’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $17.48, for a total transaction of $364,003.52. Following the sale, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. The trade was a 12.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Allison sold 27,537 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares in the company, valued at $11,660,487.52. The trade was a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,154,802 shares of company stock worth $17,844,775. 28.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Toyota Motor Corp increased its holdings in shares of Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares during the last quarter. Vanguard Group Inc. boosted its position in Joby Aviation by 13.2% during the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after purchasing an additional 5,828,189 shares in the last quarter. Geode Capital Management LLC lifted its stake in Joby Aviation by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock valued at $117,230,000 after buying an additional 573,328 shares in the last quarter. State Street Corp raised its holdings in Joby Aviation by 3.0% in the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock valued at $109,636,000 after acquiring an additional 305,109 shares during the last quarter. Finally, Rheos Capital Works Inc. lifted its holdings in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares during the period. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.