Joby Aviation (NYSE:JOBY) Trading Down 7.3% - What's Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 7.3% during trading on Thursday . The company traded as low as $9.33 and last traded at $9.52. Approximately 18,233,148 shares changed hands during trading, a decline of 14% from the average daily volume of 21,152,533 shares. The stock had previously closed at $10.27.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $8.00 price target for the company. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $8.70.

Joby Aviation Price Performance

The firm has a market cap of $7.28 billion, a price-to-earnings ratio of -13.60 and a beta of 2.33. The firm's fifty day moving average is $7.56 and its 200-day moving average is $6.18.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period last year, the firm posted ($0.13) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,817 shares of Joby Aviation stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the transaction, the insider now owns 463,151 shares of the company's stock, valued at $2,575,119.56. This trade represents a 5.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 27,898 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now directly owns 199,413 shares of the company's stock, valued at $1,096,771.50. The trade was a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of JOBY. Larson Financial Group LLC lifted its stake in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock valued at $37,000 after buying an additional 5,000 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Joby Aviation during the third quarter worth $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 worth $52,000 after acquiring an additional 10,000 shares during the period. International Assets Investment Management LLC grew its position in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock valued at $58,000 after purchasing an additional 9,188 shares in the last quarter. Finally, Choreo LLC bought a new stake in shares of Joby Aviation during the 2nd quarter valued at $60,000. 52.85% 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.