Joby Aviation (NYSE:JOBY) Reaches New 1-Year Low – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $7.72 and last traded at $7.7150, with a volume of 5946080 shares. The stock had previously closed at $7.99.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Thursday, March 12th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Weiss Ratings cut shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Finally, Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and an average target price of $13.64.

Joby Aviation Stock Down 2.1%

The company has a market cap of $7.70 billion, a price-to-earnings ratio of -6.81 and a beta of 2.71. The business has a fifty day moving average of $9.89 and a two-hundred day moving average of $10.60. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period last year, the company earned ($0.11) earnings per share. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, CEO Joeben Bevirt sold 15,788 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $140,828.96. Following the completion of the sale, the chief executive officer owned 239,671 shares of the company’s stock, valued at $2,137,865.32. The trade was a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 9,575 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $85,409.00. Following the transaction, the insider owned 186,735 shares of the company’s stock, valued at approximately $1,665,676.20. This trade represents a 4.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,586,311 shares of company stock worth $16,371,324 in the last ninety days. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB raised its holdings in shares of Joby Aviation by 43.6% during the second quarter. Handelsbanken Fonder AB now owns 217,426 shares of the company’s stock valued at $1,939,000 after acquiring an additional 66,000 shares during the last quarter. 180 Wealth Advisors LLC lifted its position in shares of Joby Aviation by 13.5% in the second quarter. 180 Wealth Advisors LLC now owns 62,729 shares of the company’s stock valued at $560,000 after acquiring an additional 7,447 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of Joby Aviation by 408.1% in the second quarter. CoreCap Advisors LLC now owns 8,292 shares of the company’s stock worth $74,000 after acquiring an additional 6,660 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Joby Aviation in the first quarter worth approximately $131,000. Finally, J. Derek Lewis & Associates Inc. purchased a new stake in shares of Joby Aviation during the first quarter worth approximately $121,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.