Joby Aviation (NYSE:JOBY) Trading Down 8% – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 8% during trading on Monday . The stock traded as low as $7.87 and last traded at $8.04. 9,343,264 shares traded hands during trading, a decline of 51% from the average session volume of 19,155,166 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on JOBY shares. Needham & Company LLC initiated coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. 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 report on Friday. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Performance

The company’s 50 day moving average price is $7.64 and its 200 day moving average price is $6.22. The company has a market cap of $6.04 billion, a price-to-earnings ratio of -11.27 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate 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 in the previous year, the business posted ($0.13) earnings per share. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Gregory Bowles sold 7,748 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares of the company’s stock, valued at approximately $236,218.80. This trade represents a 20.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 327,343 shares of company stock valued at $3,022,680. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares in the last quarter. State Street Corp raised its holdings in shares of Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares during the last quarter. Ieq Capital LLC lifted its position in Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares in the last quarter. Susquehanna Fundamental Investments LLC grew its holdings in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after acquiring an additional 616,579 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Joby Aviation by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after acquiring an additional 115,483 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors.

Joby Aviation Company Profile

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.