Joby Aviation (NYSE:JOBY) Trading Down 4.7% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 4.7% during mid-day trading on Friday . The company traded as low as $8.64 and last traded at $9.04. Approximately 10,381,774 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 19,271,301 shares. The stock had previously closed at $9.49.

Analyst Ratings Changes

Several brokerages recently issued reports on JOBY. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the company from $5.00 to $6.00 in a report on Friday. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The business has a fifty day moving average of $7.64 and a 200-day moving average of $6.21. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of -12.51 and a beta of 2.33.

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

Insider Buying and Selling

In related news, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now owns 50,902 shares of the company’s stock, valued at approximately $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the transaction, the insider now directly owns 199,413 shares in the company, valued at approximately $1,096,771.50. The trade was a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 355,160 shares of company stock valued at $3,177,342. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares during the last quarter. State Street Corp lifted its holdings in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after buying an additional 812,248 shares in the last quarter. Ieq Capital LLC raised its stake in shares of Joby Aviation by 68.6% during the second 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 during the last quarter. Susquehanna Fundamental Investments LLC lifted its stake in Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after purchasing an additional 115,483 shares in the last quarter. Institutional investors and hedge funds 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.