Joby Aviation, Inc. (NYSE:JOBY) Receives Consensus Recommendation of “Reduce” from Analysts

Joby Aviation, Inc. (NYSE:JOBY) has received an average recommendation of “Reduce” from the seven ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $10.50.

Several equities research analysts have weighed in on JOBY shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a research note on Saturday, August 2nd. Canaccord Genuity Group lowered shares of Joby Aviation from a “buy” rating to a “hold” rating and upped their price objective for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Saturday, September 27th. Finally, JPMorgan Chase & Co. upped their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 32,284 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total transaction of $541,725.52. Following the completion of the sale, the chief executive officer directly owned 249,587 shares in the company, valued at $4,188,069.86. This represents a 11.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Eric Allison sold 6,715 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $112,677.70. Following the sale, the insider owned 666,416 shares of the company’s stock, valued at $11,182,460.48. This trade represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,330,881 shares of company stock valued at $33,997,315 over the last 90 days. Insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Joby Aviation by 16.1% during the third quarter. GAMMA Investing LLC now owns 5,969 shares of the company’s stock valued at $96,000 after acquiring an additional 827 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in shares of Joby Aviation during the 2nd quarter valued at $461,000. Squarepoint Ops LLC lifted its holdings in shares of Joby Aviation by 36,302.4% during the 2nd quarter. Squarepoint Ops LLC now owns 760,251 shares of the company’s stock valued at $8,021,000 after purchasing an additional 762,351 shares during the last quarter. Thrivent Financial for Lutherans purchased a new stake in shares of Joby Aviation during the 2nd quarter valued at $168,000. Finally, Nautilus Advisors LLC purchased a new stake in shares of Joby Aviation during the 2nd quarter valued at $119,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Price Performance

Joby Aviation stock opened at $18.89 on Friday. The stock has a market cap of $16.17 billion, a price-to-earnings ratio of -17.66 and a beta of 2.52. Joby Aviation has a 1 year low of $4.80 and a 1 year high of $20.95. The firm has a 50-day moving average of $15.79 and a two-hundred day moving average of $11.16.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $0.02 million during the quarter, compared to analysts’ expectations of $0.05 million. The business’s revenue for the quarter was down 94.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.18) EPS. Research analysts expect that Joby Aviation will post -0.69 earnings per share for the current year.

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.