Joby Aviation (NYSE:JOBY) Stock Rating Reaffirmed as Underweight by Barclays

Joby Aviation (NYSE:JOBY)‘s stock had its “underweight” rating restated by stock analysts at Barclays in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $4.00 target price on the stock, down from their previous target price of $6.00. Barclays‘s price target would indicate a potential downside of 30.58% from the stock’s current price.

Other research analysts have also issued reports about the stock. Needham & Company LLC cut their target price on shares of Joby Aviation from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Cantor Fitzgerald reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, September 21st. Wall Street Zen downgraded shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Susquehanna set a $18.00 price objective on Joby Aviation in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $12.72.

Joby Aviation Price Performance

Joby Aviation stock opened at $5.76 on Friday. Joby Aviation has a one year low of $5.58 and a one year high of $18.77. The stock’s fifty day moving average price is $6.90 and its two-hundred day moving average price is $8.35. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98. The firm has a market cap of $5.70 billion, a PE ratio of -5.82 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.02). The business had revenue of $38.64 million for the quarter, compared to the consensus estimate of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.Joby Aviation’s quarterly revenue was up 257493.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.41) earnings per share. As a group, research analysts expect that Joby Aviation will post -1 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Eric Allison sold 9,331 shares of the company’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $5.95, for a total value of $55,519.45. Following the completion of the transaction, the insider directly owned 719,164 shares in the company, valued at approximately $4,279,025.80. This represents a 1.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Bonny W. Simi sold 10,890 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $5.95, for a total transaction of $64,795.50. Following the completion of the sale, the insider owned 241,923 shares of the company’s stock, valued at $1,439,441.85. This trade represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 969,809 shares of company stock valued at $6,230,389. Corporate insiders own 20.35% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its position in Joby Aviation by 194.5% in the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after purchasing an additional 2,645,200 shares during the period. Clear Street Group Inc. raised its stake in Joby Aviation by 59.9% during the 4th quarter. Clear Street Group Inc. now owns 3,593,043 shares of the company’s stock valued at $47,428,000 after purchasing an additional 1,346,205 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Joby Aviation by 48.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,679,515 shares of the company’s stock worth $22,133,000 after purchasing an additional 870,244 shares in the last quarter. Amova Asset Management Americas Inc. raised its holdings in shares of Joby Aviation by 48.1% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company’s stock worth $22,124,000 after acquiring an additional 870,244 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Joby Aviation by 27.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company’s stock valued at $19,059,000 after acquiring an additional 462,585 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.