Joby Aviation (NYSE:JOBY) Stock Price Down 4.6% Following Weak Earnings

Shares of Joby Aviation, Inc. (NYSE:JOBY) traded down 4.6% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $14.16 and last traded at $14.31. 39,064,950 shares changed hands during trading, an increase of 45% from the average session volume of 27,011,998 shares. The stock had previously closed at $15.00.

The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. The firm’s revenue was up 7962.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) EPS.

Analysts Set New Price Targets

Several research analysts have recently issued reports on JOBY shares. Canaccord Genuity Group downgraded Joby Aviation from a “buy” rating to a “hold” rating and lifted their price target for the stock from $12.00 to $17.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Joby Aviation in a research note on Thursday. HC Wainwright downgraded Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Finally, Morgan Stanley lifted their price target on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Reduce” and an average target price of $14.00.

Insiders Place Their Bets

In other news, Director Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $14.30, for a total value of $7,150,014.30. Following the transaction, the director directly owned 56,328,057 shares of the company’s stock, valued at $805,491,215.10. The trade was a 0.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Eric Allison sold 27,537 shares of Joby Aviation stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the transaction, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. This represents a 3.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,830,880 shares of company stock worth $28,060,985. 28.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of JOBY. Asset Planning Inc lifted its position in Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Joby Aviation by 284.8% in 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 last quarter. Canton Hathaway LLC bought a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $29,000. Hilltop National Bank bought a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $32,000. Finally, GPS Wealth Strategies Group LLC increased its holdings in shares of Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company’s stock valued at $33,000 after acquiring an additional 750 shares during the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Stock Performance

The firm has a market capitalization of $12.25 billion, a P/E ratio of -13.37 and a beta of 2.52. The stock has a fifty day moving average price of $15.71 and a two-hundred day moving average price of $12.73.

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.