Joby Aviation (NYSE:JOBY) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Joby Aviation (NYSE:JOBY) from a sell rating to a strong sell rating in a research report sent to investors on Saturday.

Several other analysts have also recently issued reports on the company. Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 14th. Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Barclays upgraded Joby Aviation to a “hold” rating in a research note on Wednesday, July 29th. Needham & Company LLC decreased their price target on shares of 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, Morgan Stanley lowered their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation currently has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Stock Performance

JOBY stock opened at $8.83 on Friday. Joby Aviation has a 1-year low of $6.63 and a 1-year high of $19.98. The business has a 50-day moving average price of $8.57 and a 200 day moving average price of $9.51. The company has a market capitalization of $8.69 billion, a P/E ratio of -8.92 and a beta of 2.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY) last posted 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). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 58.65%. The business had revenue of $38.64 million for the quarter, compared to analysts’ expectations of $30.20 million. During the same period last year, the business posted ($0.41) EPS. The company’s revenue for the quarter was up 257493.3% on a year-over-year basis. As a group, equities research analysts forecast that Joby Aviation will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, insider Kate Dehoff sold 14,240 shares of the stock in a transaction on Tuesday, July 14th. The stock was sold at an average price of $7.73, for a total transaction of $110,075.20. Following the completion of the sale, the insider owned 180,179 shares in the company, valued at approximately $1,392,783.67. This represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, insider Gregory Bowles sold 4,724 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $9.10, for a total value of $42,988.40. Following the completion of the sale, the insider directly owned 188,936 shares of the company’s stock, valued at $1,719,317.60. The trade was a 2.44% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 1,050,736 shares of company stock worth $11,423,677. Company insiders own 20.35% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after purchasing an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC increased its stake in Joby Aviation by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after purchasing an additional 390,794 shares in the last quarter. State Street Corp increased its stake in Joby Aviation by 5.0% during the 4th quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after purchasing an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Joby Aviation by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after buying an additional 271,475 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Joby Aviation by 41.2% in the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock worth $67,661,000 after buying an additional 1,223,412 shares during the last quarter. 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.