Joby Aviation (NYSE:JOBY) Trading Down 5.3% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 5.3% during mid-day trading on Thursday . The stock traded as low as $7.33 and last traded at $7.35. Approximately 50,062,349 shares were traded during trading, an increase of 61% from the average daily volume of 31,185,971 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

Several analysts recently issued reports on JOBY shares. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Morgan Stanley dropped their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $13.64.

Joby Aviation Price Performance

The firm has a market cap of $7.23 billion, a P/E ratio of -6.39 and a beta of 2.71. The firm’s fifty day simple moving average is $9.76 and its 200 day simple moving average is $10.42. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted ($0.11) earnings per share. As a group, analysts forecast that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In other news, CFO Rodrigo Brumana sold 78,489 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70. Following the sale, the chief financial officer directly owned 81,694 shares of the company’s stock, valued at $923,142.20. This represents a 49.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 74,844 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total value of $748,440.00. Following the transaction, the insider owned 676,008 shares of the company’s stock, valued at $6,760,080. This represents a 9.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 1,125,580 shares of company stock worth $12,172,117 over the last three months. 28.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the business. GoalVest Advisory LLC grew its position in Joby Aviation by 2.1% in the fourth quarter. GoalVest Advisory LLC now owns 33,500 shares of the company’s stock worth $442,000 after acquiring an additional 700 shares in the last quarter. EP Wealth Advisors LLC raised its position in Joby Aviation by 2.2% during the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company’s stock valued at $403,000 after purchasing an additional 821 shares during the period. Signaturefd LLC raised its position in Joby Aviation by 8.4% during the fourth quarter. Signaturefd LLC now owns 11,218 shares of the company’s stock valued at $148,000 after purchasing an additional 872 shares during the period. CIBC Private Wealth Group LLC raised its holdings in Joby Aviation by 38.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,256 shares of the company’s stock valued at $56,000 after buying an additional 1,188 shares during the period. Finally, Strs Ohio raised its stake in shares of Joby Aviation by 2.5% in the first quarter. Strs Ohio now owns 50,000 shares of the company’s stock valued at $413,000 after acquiring an additional 1,200 shares during the period. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.