Joby Aviation (NYSE:JOBY) Stock Price Down 9.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 9.5% during trading on Monday . The stock traded as low as $7.91 and last traded at $8.10. 20,752,592 shares changed hands during trading, an increase of 156% from the average session volume of 8,095,426 shares. The stock had previously closed at $8.95.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on JOBY shares. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group decreased their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Performance

The business’s 50-day moving average is $5.84 and its 200-day moving average is $5.48. The company has a market capitalization of $6.11 billion, a PE ratio of -11.57 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the previous year, the company earned ($0.13) EPS. Analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Gregory Bowles sold 7,748 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the transaction, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares in the company, valued at $253,036.42. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 535,526 shares of company stock worth $2,745,708 in the last quarter. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the company. Larson Financial Group LLC boosted its holdings in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the period. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the 3rd quarter valued at $51,000. Sound Income Strategies LLC lifted its stake in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after buying an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC bought a new position in Joby Aviation in the 2nd quarter worth $54,000. 45.54% of the stock is owned by institutional investors.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.