Joby Aviation (NYSE:JOBY) Shares Down 2.6% – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 2.6% during trading on Thursday . The company traded as low as $11.08 and last traded at $11.1290. 23,501,535 shares traded hands during trading, a decline of 16% from the average session volume of 27,982,219 shares. The stock had previously closed at $11.43.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Thursday, March 12th. Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Morgan Stanley dropped their target price on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $13.06.

Joby Aviation Trading Down 2.6%

The company has a market cap of $10.95 billion, a P/E ratio of -9.68 and a beta of 2.66. The stock’s 50 day moving average is $9.64 and its 200-day moving average is $11.54. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.09. The company 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 quarter in the previous year, the business posted ($0.11) EPS. Research analysts anticipate that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Eric Allison sold 74,844 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total value of $748,440.00. Following the transaction, the insider owned 676,008 shares in the company, valued at $6,760,080. The trade was a 9.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,295 shares of the company’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total transaction of $124,795.35. Following the completion of the transaction, the insider owned 163,567 shares in the company, valued at approximately $1,427,939.91. The trade was a 8.04% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 1,505,784 shares of company stock worth $15,457,801 over the last quarter. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp lifted its stake in Joby Aviation by 207.4% during the 4th quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after acquiring an additional 1,348 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Joby Aviation by 284.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Joby Aviation during the 4th quarter valued at about $28,000. Strategic Advocates LLC bought a new position in Joby Aviation during the 3rd quarter valued at about $29,000. Finally, Pandora Wealth Inc. bought a new position in Joby Aviation during the 4th quarter valued at about $32,000. 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.