Joby Aviation (NYSE:JOBY) Stock Price Down 2.3% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 2.3% during mid-day trading on Tuesday . The company traded as low as $13.16 and last traded at $13.2260. Approximately 17,268,815 shares changed hands during trading, a decline of 34% from the average daily volume of 25,976,594 shares. The stock had previously closed at $13.54.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on JOBY shares. JPMorgan Chase & Co. lifted their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. The Goldman Sachs Group assumed coverage on shares of Joby Aviation in a research note on Monday, December 1st. They set a “sell” rating and a $10.00 price objective on the stock. HC Wainwright reissued a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $13.43.

Joby Aviation Trading Down 2.3%

The stock has a market cap of $12.06 billion, a price-to-earnings ratio of -9.87 and a beta of 2.53. The company has a fifty day simple moving average of $14.82 and a 200-day simple moving average of $14.71.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. The business’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.21) EPS. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 20,824 shares of the firm’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $17.48, for a total transaction of $364,003.52. Following the completion of the sale, the insider directly owned 149,369 shares in the company, valued at approximately $2,610,970.12. This trade represents a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Gregory Bowles sold 3,931 shares of Joby Aviation stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $13.72, for a total transaction of $53,933.32. Following the sale, the insider directly owned 159,085 shares of the company’s stock, valued at $2,182,646.20. This trade represents a 2.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 588,994 shares of company stock valued at $9,660,128 over the last ninety days. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of the business. Asset Planning Inc increased its holdings in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares during the period. Canton Hathaway LLC acquired a new position in shares of Joby Aviation during the 3rd quarter worth about $29,000. Strategic Advocates LLC bought a new stake in Joby Aviation during the 3rd quarter valued at approximately $29,000. Finally, Hilltop National Bank bought a new position in Joby Aviation in the 3rd quarter worth approximately $32,000. 52.85% of the stock is currently owned by institutional investors.

About Joby Aviation

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.