Joby Aviation, Inc. (NYSE:JOBY) Given Consensus Rating of “Reduce” by Brokerages

Shares of Joby Aviation, Inc. (NYSE:JOBY) have earned an average recommendation of “Reduce” from the nine research firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $13.0625.

JOBY has been the topic of several research analyst reports. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Finally, Morgan Stanley dropped their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th.

Joby Aviation Stock Down 3.5%

Joby Aviation stock opened at $9.33 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The business’s 50-day simple moving average is $9.84 and its two-hundred day simple moving average is $11.28. The company has a market cap of $9.18 billion, a PE ratio of -8.11 and a beta of 2.66. Joby Aviation has a fifty-two week low of $7.75 and a fifty-two week high of $20.95.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The business had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter in the previous year, the business earned ($0.11) EPS. Equities analysts anticipate that Joby Aviation will post -0.83 EPS for the current year.

Insider Transactions at Joby Aviation

In other news, CFO Rodrigo Brumana sold 78,489 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $11.30, for a total value of $886,925.70. Following the sale, the chief financial officer owned 81,694 shares in the company, valued at $923,142.20. This represents a 49.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Didier Papadopoulos sold 5,999 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $9.83, for a total value of $58,970.17. Following the completion of the sale, the insider owned 150,430 shares in the company, valued at $1,478,726.90. The trade was a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 1,567,987 shares of company stock valued at $16,177,273. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently modified their holdings of JOBY. Fifth Third Bancorp boosted its stake in shares of Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after buying an additional 1,348 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after buying an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Joby Aviation in the fourth quarter worth about $28,000. Strategic Advocates LLC purchased a new stake in shares of Joby Aviation in the third quarter worth about $29,000. Finally, Pandora Wealth Inc. purchased a new stake in shares of Joby Aviation in the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.