Joby Aviation (NYSE:JOBY) Shares Down 2.7% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) dropped 2.7% during mid-day trading on Monday . The company traded as low as $13.48 and last traded at $13.5080. Approximately 16,183,088 shares traded hands during trading, a decline of 38% from the average daily volume of 26,015,539 shares. The stock had previously closed at $13.88.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. The Goldman Sachs Group started coverage on Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. Zacks Research upgraded shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Morgan Stanley raised their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $13.43.

Joby Aviation Trading Down 2.7%

The stock has a market cap of $12.32 billion, a price-to-earnings ratio of -10.08 and a beta of 2.53. The stock’s 50 day moving average is $14.90 and its two-hundred day moving average is $14.68.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. The business’s revenue was up 7962.1% on a year-over-year basis. During the same period last year, the firm earned ($0.21) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, insider Bonny W. Simi sold 8,272 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total value of $138,804.16. Following the transaction, the insider owned 219,206 shares of the company’s stock, valued at approximately $3,678,276.68. The trade was a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 20,824 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $17.48, for a total value of $364,003.52. Following the sale, the insider directly owned 149,369 shares of the company’s stock, valued at approximately $2,610,970.12. This represents a 12.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 588,994 shares of company stock worth $9,660,128. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Several hedge funds have recently made changes to their positions in JOBY. Allworth Financial LP increased its stake in shares of Joby Aviation by 311.9% during the third quarter. Allworth Financial LP now owns 29,642 shares of the company’s stock worth $478,000 after acquiring an additional 22,445 shares during the period. IFP Advisors Inc boosted its holdings in Joby Aviation by 158.1% in the 3rd quarter. IFP Advisors Inc now owns 23,309 shares of the company’s stock valued at $376,000 after purchasing an additional 14,279 shares in the last quarter. Strategic Advocates LLC purchased a new stake in Joby Aviation in the 3rd quarter valued at approximately $29,000. CIBC Bancorp USA Inc. acquired a new position in Joby Aviation during the 3rd quarter worth approximately $794,000. Finally, Centaurus Financial Inc. raised its stake in shares of Joby Aviation by 69.2% during the 3rd quarter. Centaurus Financial Inc. now owns 21,709 shares of the company’s stock worth $350,000 after buying an additional 8,882 shares in the last quarter. Institutional investors and hedge funds 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.