Joby Aviation (NYSE:JOBY) Sees Strong Trading Volume – Here’s What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY) saw an uptick in trading volume on Friday . Approximately 75,519,778 shares changed hands during trading, an increase of 140% from the previous session’s volume of 31,471,744 shares.The stock last traded at $7.2850 and had previously closed at $7.34.

Analyst Upgrades and Downgrades

Several brokerages have commented on JOBY. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a report on Wednesday, May 6th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Canaccord Genuity Group lowered their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Finally, Morgan Stanley reduced their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Joby Aviation presently has an average rating of “Reduce” and a consensus price target of $13.64.

Joby Aviation Stock Down 1.0%

The stock’s fifty day moving average price is $9.71 and its 200 day moving average price is $10.37. 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 stock has a market cap of $7.15 billion, a P/E ratio of -6.31 and a beta of 2.71.

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

Insider Activity

In related news, Director Paul Cahill Sciarra sold 416,666 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the transaction, the director directly owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,240 shares of the company’s stock in a transaction that occurred on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider directly owned 180,179 shares of the company’s stock, valued at approximately $1,392,783.67. This represents a 7.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 1,125,580 shares of company stock worth $12,172,117. 28.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after buying an additional 2,540,382 shares during the period. Geode Capital Management LLC increased its holdings in shares of Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock worth $155,671,000 after buying an additional 390,794 shares during the period. State Street Corp increased its holdings in shares of Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after buying an additional 512,129 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Joby Aviation by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock valued at $57,697,000 after acquiring an additional 271,475 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after acquiring an additional 1,223,412 shares during the period. Institutional investors own 52.85% of the company’s stock.

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.