Joby Aviation (NYSE:JOBY) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Joby Aviation (NYSE:JOBY – Get Rating) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Joby Aviation Inc. is involved in developing all-electric aircraft for aerial ridesharing. Joby Aviation Inc., formerly known as Reinvent Technology Partners, is based in SANTA CRUZ, Calif. “

Several other research analysts have also issued reports on JOBY. Cantor Fitzgerald began coverage on Joby Aviation in a research note on Tuesday, April 5th. They set an overweight rating and a $10.00 price objective for the company. JPMorgan Chase & Co. began coverage on Joby Aviation in a research note on Thursday, April 28th. They issued a neutral rating and a $7.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on Joby Aviation in a research note on Monday, April 11th. They issued a hold rating and a $8.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $9.40.

Joby Aviation stock opened at $6.01 on Wednesday. The stock has a fifty day moving average price of $5.44 and a two-hundred day moving average price of $5.84. Joby Aviation has a 52-week low of $3.61 and a 52-week high of $14.33.

Joby Aviation (NYSE:JOBY – Get Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.02). Equities analysts anticipate that Joby Aviation will post -0.54 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of JOBY. Vanguard Group Inc. boosted its holdings in Joby Aviation by 114.5% in the first quarter. Vanguard Group Inc. now owns 14,405,592 shares of the company’s stock valued at $95,365,000 after acquiring an additional 7,691,093 shares during the last quarter. EDBI Pte Ltd bought a new position in Joby Aviation in the fourth quarter valued at about $45,490,000. Slate Path Capital LP bought a new position in Joby Aviation in the third quarter valued at about $35,210,000. Invesco Ltd. bought a new position in Joby Aviation in the third quarter valued at about $30,228,000. Finally, State Street Corp boosted its holdings in Joby Aviation by 337.6% in the fourth quarter. State Street Corp now owns 3,611,012 shares of the company’s stock valued at $26,360,000 after acquiring an additional 2,785,874 shares during the last quarter. Institutional investors and hedge funds own 25.83% of the company’s stock.

Joby Aviation Company Profile (Get Rating)

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. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.

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