Joby Aviation (NYSE:JOBY) Reaches New 1-Year Low – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) reached a new 52-week low on Tuesday . The stock traded as low as $6.61 and last traded at $6.7150, with a volume of 2332756 shares trading hands. The stock had previously closed at $6.84.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on JOBY shares. Needham & Company LLC decreased their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Wall Street Zen cut shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Barclays raised shares of Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, HC Wainwright reiterated a “buy” rating on shares of Joby Aviation in a report on Thursday, August 6th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.81.

Joby Aviation Trading Down 2.6%

The stock has a fifty day simple moving average of $7.87 and a 200 day simple moving average of $9.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 17.98 and a current ratio of 17.98. The firm has a market cap of $6.59 billion, a P/E ratio of -6.74 and a beta of 2.73.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The business had revenue of $38.64 million for the quarter, compared to the consensus estimate of $30.20 million. During the same period in the previous year, the company earned ($0.41) earnings per share. The company’s revenue for the quarter was up 257493.3% compared to the same quarter last year. On average, research analysts expect that Joby Aviation, Inc. will post -1 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 62,500 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $7.96, for a total transaction of $497,500.00. Following the sale, the director owned 55,765,557 shares of the company’s stock, valued at $443,893,833.72. This trade represents a 0.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Joeben Bevirt sold 15,788 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $140,828.96. Following the transaction, the chief executive officer directly owned 239,671 shares of the company’s stock, valued at $2,137,865.32. The trade was a 6.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 275,569 shares of company stock worth $2,511,445. 20.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently added to or reduced their stakes in the stock. Lingotto Investment Management LLP grew its stake in shares of Joby Aviation by 34.2% during the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after purchasing an additional 799,260 shares during the period. Russell Investments Group Ltd. increased its position in shares of Joby Aviation by 30.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 352,874 shares of the company’s stock valued at $3,148,000 after purchasing an additional 82,737 shares during the last quarter. DNB Asset Management AS lifted its stake in shares of Joby Aviation by 16.3% in the 4th quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock worth $4,835,000 after purchasing an additional 51,344 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after buying an additional 2,540,382 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Joby Aviation in the fourth quarter worth approximately $32,269,000. Institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.