Joby Aviation (NYSE:JOBY) Shares Down 4.2% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares fell 4.2% on Friday . The stock traded as low as $7.96 and last traded at $8.1150. 27,218,659 shares changed hands during trading, a decline of 1% from the average session volume of 27,437,957 shares. The stock had previously closed at $8.47.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, March 12th. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a report on Thursday, February 26th. The Goldman Sachs Group began coverage on Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. lowered their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Joby Aviation has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Stock Performance

The company has a 50-day simple moving average of $10.54 and a two-hundred day simple moving average of $13.62. The firm has a market capitalization of $7.40 billion, a P/E ratio of -7.12 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to the consensus estimate of $16.88 million. During the same period in the prior year, the company posted ($0.34) EPS. The firm’s revenue was up 5506.5% on a year-over-year basis. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Eric Allison sold 32,448 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.25, for a total value of $429,936.00. Following the sale, the insider directly owned 659,980 shares of the company’s stock, valued at $8,744,735. This represents a 4.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 28,260 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total transaction of $415,987.20. Following the completion of the transaction, the insider owned 149,369 shares of the company’s stock, valued at approximately $2,198,711.68. The trade was a 15.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,486,368 shares of company stock worth $16,211,332 in the last ninety days. 28.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after purchasing an additional 5,828,189 shares during the period. Man Group plc purchased a new position in shares of Joby Aviation during the third quarter valued at approximately $40,283,000. Norges Bank bought a new stake in shares of Joby Aviation in the 4th quarter worth approximately $32,269,000. Clear Street Group Inc. bought a new stake in shares of Joby Aviation in the 3rd quarter worth approximately $36,264,000. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock worth $44,672,000 after buying an additional 1,512,094 shares during the last quarter. 52.85% of the stock is owned by hedge funds and other 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.