Joby Aviation (NYSE:JOBY) Shares Down 2.7%

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price fell 2.7% on Tuesday . The stock traded as low as $5.02 and last traded at $5.07. 1,217,597 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 5,519,891 shares. The stock had previously closed at $5.21.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Cantor Fitzgerald restated an "overweight" rating and set a $10.00 price target on shares of Joby Aviation in a research note on Monday, August 19th. JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $5.00 to $6.00 and gave the company a "neutral" rating in a research note on Wednesday, July 24th. Finally, Canaccord Genuity Group lowered their price target on Joby Aviation from $11.00 to $10.50 and set a "buy" rating on the stock in a report on Thursday, August 8th.

Joby Aviation Stock Performance

The company has a market cap of $3.58 billion, a PE ratio of -6.66 and a beta of 2.00. The stock's 50-day simple moving average is $5.52 and its 200 day simple moving average is $5.30.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting analysts' consensus estimates of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the previous year, the business earned ($0.17) EPS. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Didier Papadopoulos sold 23,188 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $4.86, for a total value of $112,693.68. Following the completion of the transaction, the insider now owns 54,666 shares in the company, valued at approximately $265,676.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Didier Papadopoulos sold 23,188 shares of the firm's stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $112,693.68. Following the completion of the transaction, the insider now directly owns 54,666 shares of the company's stock, valued at approximately $265,676.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the business's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $4.86, for a total value of $1,215,000.00. Following the sale, the chief executive officer now owns 32,724,274 shares in the company, valued at $159,039,971.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 326,032 shares of company stock worth $1,613,336. Corporate insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its holdings in shares of Joby Aviation by 8.1% during the 4th quarter. New York State Common Retirement Fund now owns 114,331 shares of the company's stock valued at $760,000 after buying an additional 8,595 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company's stock valued at $25,394,000 after purchasing an additional 64,404 shares during the period. Private Advisor Group LLC acquired a new position in shares of Joby Aviation during the fourth quarter worth $77,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Joby Aviation by 215.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company's stock valued at $1,965,000 after purchasing an additional 270,794 shares during the period. Finally, Apollon Wealth Management LLC acquired a new stake in Joby Aviation during the 4th quarter valued at $88,000. Institutional investors and hedge funds own 45.54% of the company's stock.

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.