Joby Aviation (NYSE:JOBY) Stock Price Down 2.4% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) fell 2.4% on Thursday . The company traded as low as $7.66 and last traded at $7.75. 4,580,004 shares changed hands during trading, a decline of 46% from the average session volume of 8,457,227 shares. The stock had previously closed at $7.94.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on JOBY. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a report on Tuesday, October 29th. Canaccord Genuity Group reduced their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Down 3.0 %

The firm has a fifty day simple moving average of $6.33 and a 200-day simple moving average of $5.67. The company has a market capitalization of $5.89 billion, a P/E ratio of -11.07 and a beta of 2.31.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate 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 quarter in the previous year, the business earned ($0.13) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction on 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 $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 6,025 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the transaction, the insider now owns 47,474 shares in the company, valued at approximately $253,036.42. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 535,526 shares of company stock worth $2,745,708 over the last quarter. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC boosted its holdings in Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after purchasing an additional 5,000 shares during the period. Nisa Investment Advisors LLC raised its holdings in Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the 3rd quarter valued at $51,000. Sound Income Strategies LLC increased its position 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 purchasing an additional 10,000 shares during the period. Finally, Integris Wealth Management LLC acquired a new position in Joby Aviation in the second quarter valued at about $54,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

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.