Joby Aviation (NYSE:JOBY) Shares Gap Down - Here's Why

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.54, but opened at $8.07. Joby Aviation shares last traded at $7.94, with a volume of 5,701,523 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group reduced their price target on Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a report on Tuesday, October 29th. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, October 29th. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. 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 for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.35.

Joby Aviation Stock Down 7.3 %

The stock has a market cap of $6.06 billion, a price-to-earnings ratio of -11.31 and a beta of 2.31. The company has a 50 day simple moving average of $6.33 and a 200-day simple moving average of $5.67.

Joby Aviation (NYSE:JOBY - Get Free Report) last released 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). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the company earned ($0.13) EPS. On average, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. The trade was a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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 shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares in the company, valued at approximately $253,036.42. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 535,526 shares of company stock valued at $2,745,708 over the last three months. Company insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC increased its stake in shares of Joby Aviation by 218.3% during 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 position in shares of Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company's stock valued at $44,000 after purchasing an additional 5,840 shares during the period. Empowered Funds LLC bought a new stake in shares of Joby Aviation in the 3rd quarter worth $51,000. Sound Income Strategies LLC lifted 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 position in Joby Aviation during the second quarter valued at about $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.