Joby Aviation (NYSE:JOBY) Shares Gap Down - What's Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $8.11, but opened at $7.51. Joby Aviation shares last traded at $7.84, with a volume of 7,797,473 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on JOBY. HC Wainwright reiterated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Needham & Company LLC assumed coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a "buy" rating and a $8.00 target price for the company. Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. reduced their price target on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 29th. Finally, Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $8.35.

Joby Aviation Trading Down 1.2 %

The firm has a fifty day simple moving average of $5.90 and a 200-day simple moving average of $5.51. The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -11.16 and a beta of 2.31.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same period in the prior year, the firm posted ($0.13) earnings per share. On average, equities analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 7,748 shares of Joby Aviation 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 of the company's stock, valued at $236,218.80. This trade represents a 20.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 535,526 shares of company stock valued at $2,745,708. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the company. Larson Financial Group LLC grew its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock valued at $37,000 after acquiring an additional 5,000 shares during the period. Nisa Investment Advisors LLC increased its stake in Joby Aviation by 216.3% during the 2nd 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 in the last quarter. Empowered Funds LLC acquired a new stake in Joby Aviation during the 3rd quarter worth approximately $51,000. Sound Income Strategies LLC boosted its holdings in shares of Joby Aviation by 3,311.3% in the third 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 during the period. Finally, Integris Wealth Management LLC bought a new stake in shares of Joby Aviation during the second quarter worth $54,000. Institutional investors own 45.54% of the company's stock.

About Joby Aviation

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.

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