JPMorgan Chase & Co. Downgrades Joby Aviation (NYSE:JOBY) to Underweight

JPMorgan Chase & Co. downgraded shares of Joby Aviation (NYSE:JOBY - Free Report) from a neutral rating to an underweight rating in a report published on Friday, MarketBeat reports. JPMorgan Chase & Co. currently has $6.00 price target on the stock, up from their previous price target of $5.00.

Several other research analysts have also recently weighed in on JOBY. Needham & Company LLC started coverage on Joby Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $8.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Joby Aviation has an average rating of "Moderate Buy" and a consensus price target of $8.90.

Joby Aviation Stock Down 7.7 %

Joby Aviation stock traded down $0.73 during mid-day trading on Friday, hitting $8.76. 19,875,780 shares of the company's stock traded hands, compared to its average volume of 20,952,037. Joby Aviation has a one year low of $4.50 and a one year high of $10.72. The firm has a 50 day moving average price of $7.64 and a 200 day moving average price of $6.20. The company has a market cap of $6.70 billion, a PE ratio of -12.51 and a beta of 2.33.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates 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 net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the business posted ($0.13) earnings per share. On average, analysts expect that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 23,886 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares of the company's stock, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the sale, the insider now owns 199,413 shares of the company's stock, valued at approximately $1,096,771.50. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 355,160 shares of company stock worth $3,177,342 over the last 90 days. 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 modified their holdings of the stock. Larson Financial Group LLC grew its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock valued at $37,000 after purchasing an additional 5,000 shares in the last quarter. Empowered Funds LLC acquired a new position in Joby Aviation in the third quarter worth approximately $51,000. Sound Income Strategies LLC raised its position 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 valued at $52,000 after acquiring an additional 10,000 shares in the last quarter. International Assets Investment Management LLC grew 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. Finally, Choreo LLC bought a new stake in Joby Aviation in the second quarter worth approximately $60,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.