Joby Aviation (NYSE:JOBY) Shares Down 3.9% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 3.9% during mid-day trading on Friday . The company traded as low as $9.79 and last traded at $9.8550. Approximately 19,198,108 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 29,741,461 shares. The stock had previously closed at $10.25.

Analyst Ratings Changes

Several research analysts recently commented on JOBY shares. Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $15.50 target price on shares of Joby Aviation in a report on Tuesday, February 3rd. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Joby Aviation in a research note on Monday, December 1st. They set a “sell” rating and a $10.00 price objective for the company. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Joby Aviation currently has a consensus rating of “Reduce” and an average price target of $13.21.

Joby Aviation Stock Performance

The business has a 50 day simple moving average of $13.00 and a 200-day simple moving average of $14.63. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of -7.35 and a beta of 2.57.

Insider Activity

In other news, insider Bonny W. Simi sold 110,173 shares of Joby Aviation stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total transaction of $1,525,896.05. Following the sale, the insider owned 125,114 shares of the company’s stock, valued at approximately $1,732,828.90. The trade was a 46.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kate Dehoff sold 28,260 shares of the stock in a transaction that occurred on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total value of $415,987.20. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at $2,198,711.68. The trade was a 15.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,463,528 shares of company stock valued at $16,054,224 over the last three months. 28.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently modified their holdings of the business. Toyota Motor Corp raised its holdings in Joby Aviation by 63.1% in the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after buying an additional 49,701,790 shares during the period. Vanguard Group Inc. increased its position in shares of Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after acquiring an additional 390,794 shares during the period. State Street Corp lifted its holdings in shares of Joby Aviation by 5.0% in the 4th quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after acquiring an additional 512,129 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Joby Aviation by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after acquiring an additional 271,475 shares during the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.