Joby Aviation (NYSE:JOBY) Trading Down 3.4% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 3.4% on Friday . The stock traded as low as $5.58 and last traded at $5.71. 4,186,308 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 7,391,074 shares. The stock had previously closed at $5.91.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on JOBY. Canaccord Genuity Group cut their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Trading Down 3.0 %

The company has a market cap of $4.10 billion, a price-to-earnings ratio of -8.19 and a beta of 1.97. The stock has a 50-day simple moving average of $5.41 and a 200-day simple moving average of $5.33.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at $158,470,228.90. The trade was a 0.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the sale, the insider now owns 47,474 shares of the company’s stock, valued at approximately $253,036.42. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 525,499 shares of company stock worth $2,667,151. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently modified their holdings of the company. Holocene Advisors LP grew its position in Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after buying an additional 249,375 shares in the last quarter. Fred Alger Management LLC grew its holdings in shares of Joby Aviation by 89.4% during the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares in the last quarter. Verition Fund Management LLC increased its position in shares of Joby Aviation by 118.9% during the third quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock valued at $394,000 after purchasing an additional 42,544 shares during the period. CreativeOne Wealth LLC acquired a new position in shares of Joby Aviation in the third quarter valued at $79,000. Finally, Larson Financial Group LLC boosted its stake in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares in the last quarter. Institutional investors own 45.54% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.