Joby Aviation (NYSE:JOBY) Shares Down 6.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 6.5% on Monday . The stock traded as low as $13.28 and last traded at $13.4850. Approximately 18,281,892 shares changed hands during trading, a decline of 32% from the average daily volume of 26,833,896 shares. The stock had previously closed at $14.43.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Morgan Stanley raised their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 9th. Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and upped their price objective for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a research report on Monday. They issued a “sell” rating and a $10.00 price objective on the stock. Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Finally, HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Joby Aviation has an average rating of “Reduce” and a consensus target price of $13.43.

Joby Aviation Stock Performance

The firm has a market cap of $12.30 billion, a P/E ratio of -10.06 and a beta of 2.52. The business has a 50-day simple moving average of $15.86 and a 200 day simple moving average of $13.72.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million during the quarter, compared to the consensus estimate of $0.02 million. Joby Aviation’s revenue was up 7962.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.21) earnings per share. On average, research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 253,600 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the transaction, the chief executive officer owned 60,273,162 shares in the company, valued at approximately $981,849,808.98. This represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total transaction of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares of the company’s stock, valued at approximately $11,660,487.52. The trade was a 3.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,154,802 shares of company stock worth $17,844,775 over the last quarter. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Toyota Motor Corp boosted its stake in shares of Joby Aviation by 63.1% in the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after buying an additional 49,701,790 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after buying an additional 5,828,189 shares during the last quarter. Nuveen LLC acquired a new position in shares of Joby Aviation during the first quarter worth approximately $18,936,000. Rheos Capital Works Inc. raised its position in Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Finally, Man Group plc acquired a new stake in Joby Aviation during the 3rd quarter valued at $40,283,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.