Joby Aviation, Inc. (NYSE:JOBY) Stock Rated “Reduce” by Sell-Side Analysts

Joby Aviation, Inc. (NYSE:JOBY) has been assigned a consensus rating of “Reduce” from the nine analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $11.33.

JOBY has been the topic of a number of research reports. Needham & Company LLC cut their target price on shares of Joby Aviation from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, November 5th. Susquehanna set a $18.00 target price on shares of Joby Aviation in a report on Thursday, August 6th. Morgan Stanley decreased their price target on shares of Joby Aviation from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, October 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a report on Monday, October 12th. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Joby Aviation in a report on Monday, September 21st.

Insider Buying and Selling

In related news, insider Gregory Bowles sold 5,302 shares of Joby Aviation stock in a transaction on Monday, October 5th. The shares were sold at an average price of $5.78, for a total transaction of $30,645.56. Following the sale, the insider owned 193,704 shares of the company’s stock, valued at $1,119,609.12. The trade was a 2.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Sciarra sold 62,500 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $4.97, for a total value of $310,625.00. Following the completion of the transaction, the director owned 55,578,057 shares in the company, valued at approximately $276,222,943.29. This trade represents a 0.11% decrease in their position. 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. Over the last three months, insiders have sold 955,128 shares of company stock valued at $5,842,590. 20.35% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC grew its stake in Joby Aviation by 194.5% in the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after purchasing an additional 2,645,200 shares in the last quarter. Voya Investment Management LLC raised its stake in Joby Aviation by 23.4% during the third quarter. Voya Investment Management LLC now owns 5,753,553 shares of the company’s stock valued at $34,809,000 after buying an additional 1,091,106 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Joby Aviation by 48.1% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,679,515 shares of the company’s stock worth $22,133,000 after buying an additional 870,244 shares during the last quarter. Amova Asset Management Americas Inc. lifted its holdings in Joby Aviation by 48.1% during the 1st quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company’s stock worth $22,124,000 after buying an additional 870,244 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Joby Aviation in the 1st quarter worth approximately $6,915,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Stock Down 0.4%

JOBY opened at $5.89 on Friday. The firm has a 50 day moving average price of $5.68 and a 200 day moving average price of $8.32. The company has a market cap of $5.83 billion, a PE ratio of -8.08 and a beta of 2.84. Joby Aviation has a 1 year low of $4.43 and a 1 year high of $17.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 18.29 and a current ratio of 18.29.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 4th. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. Joby Aviation had a negative net margin of 462.85% and a negative return on equity of 48.24%. The firm had revenue of $55.09 million for the quarter, compared to analysts’ expectations of $38.95 million. During the same period in the previous year, the company posted ($0.48) earnings per share. Joby Aviation’s revenue was up 143.8% compared to the same quarter last year. Sell-side analysts expect that Joby Aviation will post -0.97 earnings per share for the current year.

About Joby Aviation

Joby Aviation, Inc. develops electric vertical takeoff and landing (eVTOL) aircraft for passenger transportation. Its aircraft are designed to take off and land vertically, then fly like an airplane, with the goal of providing quiet, zero-operating-emission air taxi services for urban and regional trips. Founded in 2009 by JoeBen Bevirt, the California-based company is working to develop and manufacture its aircraft and establish the operations needed to offer commercial passenger flights. Joby has also pursued partnerships to support its planned air taxi service and connect it with existing transportation platforms.