Joby Aviation (NYSE:JOBY) Trading Down 14.2% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 14.2% on Friday . The stock traded as low as $9.47 and last traded at $9.56. 38,165,693 shares traded hands during trading, an increase of 36% from the average session volume of 28,078,498 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, February 26th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $13.06.

Joby Aviation Price Performance

The company’s fifty day moving average is $9.68 and its 200 day moving average is $11.52. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The stock has a market cap of $9.40 billion, a PE ratio of -8.31 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last posted 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 for the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the firm posted ($0.11) earnings per share. As a group, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 421,019 shares of Joby Aviation stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the sale, the chief executive officer owned 31,678,802 shares in the company, valued at $328,825,964.76. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the sale, the insider owned 676,008 shares in the company, valued at $6,760,080. This represents a 9.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,505,784 shares of company stock valued at $15,457,801 in the last three months. 28.50% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the company. Lingotto Investment Management LLP raised its stake in shares of Joby Aviation by 34.2% during the fourth quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after purchasing an additional 799,260 shares during the period. DNB Asset Management AS raised its stake in shares of Joby Aviation by 16.3% during the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after purchasing an additional 51,344 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in shares of Joby Aviation during the third quarter valued at approximately $2,830,000. Kingsview Wealth Management LLC raised its stake in shares of Joby Aviation by 838.2% during the third quarter. Kingsview Wealth Management LLC now owns 96,759 shares of the company’s stock valued at $1,562,000 after purchasing an additional 86,446 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after purchasing an additional 2,540,382 shares during the period. 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.