Joby Aviation (NYSE:JOBY) Trading Down 14.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 14.2% during mid-day trading on Friday . The stock traded as low as $9.47 and last traded at $9.56. 38,165,693 shares were traded during mid-day trading, an increase of 36% from the average session volume of 28,078,498 shares. The stock had previously closed at $11.14.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research note on Wednesday, May 6th. Morgan Stanley lowered their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $13.06.

Joby Aviation Stock Performance

The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of -8.31 and a beta of 2.66. The stock’s 50 day moving average price is $9.68 and its two-hundred day moving average price is $11.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the prior year, the company posted ($0.11) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Transactions at Joby Aviation

In related news, CEO Joeben Bevirt sold 421,019 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total value of $4,370,177.22. Following the sale, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This represents a 1.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the completion of the sale, the director directly owned 55,911,391 shares in the company, valued at approximately $672,054,919.82. The trade was a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,505,784 shares of company stock worth $15,457,801 in the last 90 days. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently added to or reduced their stakes in the business. GoalVest Advisory LLC lifted its holdings in shares of Joby Aviation by 2.1% during the 4th quarter. GoalVest Advisory LLC now owns 33,500 shares of the company’s stock worth $442,000 after acquiring an additional 700 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Joby Aviation by 4.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock worth $270,000 after acquiring an additional 736 shares during the period. Compagnie Lombard Odier SCmA lifted its holdings in shares of Joby Aviation by 15.3% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 5,765 shares of the company’s stock worth $93,000 after acquiring an additional 765 shares during the period. EP Wealth Advisors LLC lifted its holdings in shares of Joby Aviation by 2.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company’s stock worth $403,000 after acquiring an additional 821 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Joby Aviation by 8.4% during the 4th quarter. Signaturefd LLC now owns 11,218 shares of the company’s stock worth $148,000 after acquiring an additional 872 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.