Joby Aviation (NYSE:JOBY) Stock Price Down 1.4% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 1.4% on Wednesday . The stock traded as low as $13.51 and last traded at $13.7330. 14,000,643 shares traded hands during trading, a decline of 48% from the average session volume of 27,118,361 shares. The stock had previously closed at $13.93.

Wall Street Analyst Weigh In

JOBY has been the subject of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Canaccord Genuity Group downgraded Joby Aviation from a “buy” rating to a “hold” rating and increased their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. Morgan Stanley boosted their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 9th. Finally, Wall Street Zen lowered Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $14.00.

Joby Aviation Stock Up 0.4%

The firm has a 50 day moving average of $15.93 and a 200 day moving average of $13.37. The firm has a market cap of $11.94 billion, a PE ratio of -9.77 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to analysts’ expectations of $0.02 million. During the same quarter in the previous year, the company earned ($0.21) earnings per share. Joby Aviation’s revenue was up 7962.1% on a year-over-year basis. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Gregory Bowles sold 4,776 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the sale, the insider directly owned 156,464 shares in the company, valued at approximately $2,830,433.76. This represents a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 20,824 shares of the firm’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total transaction of $364,003.52. Following the completion of the transaction, the insider directly owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. This trade represents a 12.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,654,022 shares of company stock valued at $25,019,336. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. bought a new position in Joby Aviation in the 3rd quarter worth about $794,000. Centaurus Financial Inc. raised its position in shares of Joby Aviation by 69.2% in the third quarter. Centaurus Financial Inc. now owns 21,709 shares of the company’s stock worth $350,000 after buying an additional 8,882 shares in the last quarter. Sunbelt Securities Inc. grew its position in Joby Aviation by 29,462.5% during the third quarter. Sunbelt Securities Inc. now owns 11,825 shares of the company’s stock worth $191,000 after buying an additional 11,785 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at about $75,000. Finally, Jasper Ridge Partners L.P. bought a new stake in shares of Joby Aviation during the 3rd quarter valued at about $1,452,000. 52.85% of the stock is currently owned by institutional investors.

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.