Joby Aviation (NYSE:JOBY) Trading Down 2.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 2.3% during mid-day trading on Monday . The stock traded as low as $8.16 and last traded at $8.18. Approximately 9,871,001 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 17,184,500 shares. The stock had previously closed at $8.37.

Wall Street Analyst Weigh In

JOBY has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. Needham & Company LLC increased their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and increased their price target for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Performance

The company’s 50-day moving average is $7.97 and its 200 day moving average is $6.35.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the company posted ($0.13) earnings per share. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Bonny W. Simi sold 31,489 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now owns 137,097 shares of the company’s stock, valued at $1,142,018.01. This trade represents a 18.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the sale, the director now directly owns 58,994,729 shares in the company, valued at approximately $471,957,832. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 in the last 90 days. 32.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in shares of Joby Aviation by 5,000.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after buying an additional 5,000 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Joby Aviation in the third quarter worth approximately $51,000. Sound Income Strategies LLC boosted its holdings in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock worth $58,000 after buying an additional 9,188 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.