Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares fell 8% during mid-day trading on Monday . The company traded as low as $7.87 and last traded at $8.04. 9,343,264 shares changed hands during trading, a decline of 51% from the average session volume of 19,155,166 shares. The stock had previously closed at $8.74.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on JOBY. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald restated an "overweight" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Needham & Company LLC increased their price target on Joby Aviation from $8.00 to $10.00 and gave the company a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. lowered Joby Aviation from a "neutral" rating to an "underweight" rating and raised their price objective for the company from $5.00 to $6.00 in a research note on Friday, January 10th. Finally, Canaccord Genuity Group increased 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. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $9.30.
Read Our Latest Research Report on Joby Aviation
Joby Aviation Price Performance
The company has a fifty day moving average of $7.75 and a two-hundred day moving average of $6.26. The stock has a market capitalization of $6.20 billion, a P/E ratio of -11.57 and a beta of 2.33.
Joby Aviation (NYSE:JOBY - Get Free Report) last posted 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 firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the company posted ($0.13) earnings per share. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.
Insider Activity
In related news, Director Paul Cahill Sciarra sold 333,332 shares of the business's stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the completion of the transaction, the director now owns 58,994,729 shares in the company, valued at $471,957,832. The trade was a 0.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 638,982 shares of company stock valued at $5,586,157. Company insiders own 32.40% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC lifted its position in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock worth $37,000 after purchasing an additional 5,000 shares during the period. Salem Investment Counselors Inc. boosted its stake in Joby Aviation by 5,000.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock valued at $41,000 after buying an additional 5,000 shares in the last quarter. Empowered Funds LLC acquired a new position in Joby Aviation during the third quarter worth about $51,000. Sound Income Strategies LLC grew its holdings in Joby Aviation by 3,311.3% during 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. Finally, International Assets Investment Management LLC raised its position in Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock worth $58,000 after acquiring an additional 9,188 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.
About Joby Aviation
(
Get Free Report)
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.
Further Reading
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