Joby Aviation (NYSE:JOBY) Sets New 52-Week Low – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.85 and last traded at $6.8620, with a volume of 4712857 shares traded. The stock had previously closed at $7.27.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on JOBY. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Canaccord Genuity Group reduced their price objective 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. Weiss Ratings raised shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 14th. Morgan Stanley dropped their target price on shares of 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. Finally, Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $13.64.

Joby Aviation Price Performance

The business’s fifty day moving average price is $9.20 and its 200 day moving average price is $9.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The stock has a market cap of $6.61 billion, a P/E ratio of -5.85 and a beta of 2.71.

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, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to analyst estimates 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 previous year, the firm posted ($0.11) EPS. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Kate Dehoff sold 14,240 shares of the stock in a transaction 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 transaction, the insider directly owned 180,179 shares in the company, valued at approximately $1,392,783.67. This represents a 7.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, CEO Joeben Bevirt sold 15,788 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total value of $140,828.96. Following the completion of the transaction, the chief executive officer 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. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 1,125,580 shares of company stock valued at $12,172,117. Corporate insiders own 20.35% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after purchasing an additional 1,348 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Joby Aviation during the fourth quarter worth about $28,000. Ancora Advisors LLC bought a new stake in shares of Joby Aviation during the third quarter worth about $35,000. Pandora Wealth Inc. acquired a new position in shares of Joby Aviation in the fourth quarter valued at approximately $32,000. Finally, DV Equities LLC acquired a new position in shares of Joby Aviation in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds 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.