Joby Aviation (NYSE:JOBY) Shares Down 5.4% – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 5.4% on Monday. The stock traded as low as $5.13 and last traded at $5.1450. Approximately 24,558,903 shares changed hands during trading, a decline of 21% from the average daily volume of 31,139,631 shares. The stock had previously closed at $5.44.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on JOBY shares. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Monday, September 21st. Weiss Ratings upgraded shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Wall Street Zen lowered shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Joby Aviation in a research report on Monday, September 21st. Finally, Susquehanna set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Reduce” and an average price target of $12.72.

Joby Aviation Stock Down 5.4%

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 company has a market cap of $5.09 billion, a P/E ratio of -5.20 and a beta of 2.66. The stock has a 50-day moving average of $6.87 and a 200 day moving average of $8.32.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The company had revenue of $38.64 million during the quarter, compared to analyst estimates of $30.20 million. During the same period last year, the firm earned ($0.41) EPS. The firm’s revenue for the quarter was up 257493.3% compared to the same quarter last year. Research analysts anticipate that Joby Aviation, Inc. will post -1.00 earnings per share for the current year.

Insider Transactions at Joby Aviation

In other news, insider Bonny W. Simi sold 10,890 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The shares were 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 approximately $1,439,441.85. This represents a 4.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Sciarra sold 62,500 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $6.09, for a total transaction of $380,625.00. Following the sale, the director owned 55,640,557 shares in the company, valued at $338,850,992.13. This represents a 0.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 933,496 shares of company stock worth $5,956,952. Corporate insiders own 20.35% of the company’s stock.

Institutional Inflows and Outflows

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

Joby Aviation Company Profile

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.