Joby Aviation (NYSE:JOBY) Stock Keeps “Underweight” Rating at Barclays

Joby Aviation (NYSE:JOBY)‘s stock had its “underweight” rating reiterated by Barclays in a report issued on Friday, Benzinga reports. They currently have a $4.00 target price on the stock, down from their prior target price of $6.00. Barclays‘s target price would indicate a potential downside of 30.58% from the company’s previous close.

A number of other equities analysts have also recently weighed in on JOBY. Susquehanna set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, August 6th. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 14th. Wall Street Zen cut shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Needham & Company LLC cut their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $12.72.

Joby Aviation Stock Performance

Shares of Joby Aviation stock opened at $5.76 on Friday. Joby Aviation has a 52 week low of $5.58 and a 52 week high of $18.77. The company has a 50 day moving average price of $6.90 and a 200 day moving average price of $8.35. The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $5.70 billion, a P/E ratio of -5.82 and a beta of 2.66.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The firm had revenue of $38.64 million during the quarter, compared to analysts’ expectations of $30.20 million. Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. Joby Aviation’s quarterly revenue was up 257493.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.41) EPS. Sell-side analysts expect that Joby Aviation will post -1 EPS for the current year.

Insider Activity

In other news, insider Kate Dehoff sold 14,240 shares of Joby Aviation stock in a transaction dated Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total transaction of $110,075.20. Following the completion of the sale, the insider directly owned 180,179 shares in the company, valued at $1,392,783.67. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Rodrigo Brumana sold 37,831 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.77, for a total value of $256,115.87. Following the transaction, the chief financial officer owned 119,729 shares in the company, valued at $810,565.33. This trade represents a 24.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 969,809 shares of company stock valued at $6,230,389 in the last 90 days. Insiders own 20.35% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in JOBY. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Joby Aviation during the 4th quarter worth $28,000. Ancora Advisors LLC bought a new stake in Joby Aviation in the second quarter valued at $27,000. Leonteq Securities AG raised its holdings in shares of Joby Aviation by 295.2% during the first quarter. Leonteq Securities AG now owns 4,351 shares of the company’s stock valued at $36,000 after buying an additional 3,250 shares during the last quarter. Western Wealth Management LLC acquired a new stake in Joby Aviation in the first quarter worth about $37,000. Finally, Geneos Wealth Management Inc. lifted its position in Joby Aviation by 95.5% in the first quarter. Geneos Wealth Management Inc. now owns 5,385 shares of the company’s stock worth $44,000 after purchasing an additional 2,630 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 (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.