Joby Aviation (NYSE:JOBY) Stock Price Down 1.6% - Here's Why

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.6% on Tuesday . The company traded as low as $4.94 and last traded at $4.96. Approximately 3,103,564 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 6,919,893 shares. The stock had previously closed at $5.04.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Canaccord Genuity Group lowered their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a research report on Tuesday, October 29th. JPMorgan Chase & Co. reduced their target price 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, HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd.

Joby Aviation Stock Performance

The firm's fifty day moving average price is $5.31 and its 200 day moving average price is $5.30. The firm has a market cap of $3.66 billion, a P/E ratio of -10.43 and a beta of 1.97.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to analysts' expectations of $0.28 million. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In related news, insider Matthew Field sold 5,643 shares of the business's stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $5.96, for a total transaction of $33,632.28. Following the completion of the transaction, the insider now owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Matthew Field sold 5,643 shares of the business's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the transaction, the insider now directly owns 293,143 shares in the company, valued at $1,747,132.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory Bowles sold 26,775 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company's stock, valued at approximately $92,699.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock valued at $2,667,151 over the last quarter. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC raised its holdings 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 buying an additional 5,840 shares during the last quarter. Sound Income Strategies LLC grew its stake in 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 purchasing an additional 10,000 shares during the last quarter. Integris Wealth Management LLC acquired a new position in shares of Joby Aviation in the second quarter valued at about $54,000. Dakota Wealth Management purchased a new position in shares of Joby Aviation in the second quarter worth about $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Joby Aviation during the second quarter worth about $57,000. 45.54% of the stock is currently owned by institutional investors and hedge funds.

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.