Joby Aviation (NYSE:JOBY) Stock Price Down 5.9% – Here’s Why

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 5.9% during trading on Thursday . The company traded as low as $8.40 and last traded at $8.4450. Approximately 21,337,960 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 27,436,891 shares. The stock had previously closed at $8.97.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on JOBY shares. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. Canaccord Genuity Group restated a “hold” rating and set a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, March 12th. Finally, The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Price Performance

The stock’s fifty day simple moving average is $10.54 and its 200-day simple moving average is $13.62. The stock has a market cap of $7.40 billion, a P/E ratio of -7.12 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to the consensus estimate of $16.88 million. The firm’s revenue for the quarter was up 5506.5% compared to the same quarter last year. During the same period last year, the company posted ($0.34) earnings per share. Analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 3,238 shares of the business’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $10.25, for a total transaction of $33,189.50. Following the completion of the transaction, the chief executive officer owned 249,048 shares of the company’s stock, valued at approximately $2,552,742. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 2,594 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.85, for a total transaction of $25,550.90. Following the transaction, the insider owned 135,541 shares of the company’s stock, valued at $1,335,078.85. This represents a 1.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,486,368 shares of company stock valued at $16,211,332. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Joby Aviation by 5.1% in the 4th 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 period. Geode Capital Management LLC boosted its position in Joby Aviation by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock worth $155,671,000 after acquiring an additional 390,794 shares during the period. State Street Corp grew its stake in shares of Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after purchasing an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Joby Aviation by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after purchasing an additional 271,475 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Joby Aviation by 41.2% during the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after purchasing an additional 1,223,412 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.