Joby Aviation (NYSE:JOBY) Stock Price Down 2.4% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was down 2.4% during trading on Monday . The stock traded as low as $7.68 and last traded at $8.07. Approximately 5,530,140 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 13,799,905 shares. The stock had previously closed at $8.26.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on JOBY. HC Wainwright reiterated a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC upped their target price on Joby Aviation from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Canaccord Genuity Group raised their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut Joby Aviation from a "neutral" rating to an "underweight" rating and upped their price target for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, Joby Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $9.30.

Joby Aviation Stock Down 2.4 %

The firm has a market capitalization of $6.01 billion, a P/E ratio of -11.22 and a beta of 2.33. The company has a fifty day simple moving average of $8.39 and a 200 day simple moving average of $6.53.

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

Insider Transactions at Joby Aviation

In related news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the transaction, the insider now owns 137,097 shares in the company, valued at $1,142,018.01. This represents a 18.68 % 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 6,005 shares of Joby Aviation stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares of the company's stock, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,005,672 shares of company stock worth $8,537,389. Corporate insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC increased its position in 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 last quarter. Salem Investment Counselors Inc. increased its position in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock valued at $41,000 after purchasing an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in shares of Joby Aviation in the 4th quarter worth approximately $41,000. Golden State Wealth Management LLC purchased a new position in shares of Joby Aviation in the fourth quarter worth approximately $42,000. Finally, Allworth Financial LP grew its position in Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company's stock valued at $44,000 after buying an additional 3,320 shares during the period. 52.85% of the stock is currently owned by hedge funds and other 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.