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

Joby Aviation, Inc. (NYSE:JOBY) gapped down before the market opened on Friday . The stock had previously closed at $9.49, but opened at $8.98. Joby Aviation shares last traded at $8.89, with a volume of 5,858,521 shares trading hands.

Wall Street Analyst Weigh In

JOBY has been the subject of several recent analyst reports. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price target for the stock from $5.00 to $6.00 in a research note on Friday. Needham & Company LLC assumed coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Joby Aviation has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Down 6.0 %

The business has a 50-day moving average of $7.56 and a two-hundred day moving average of $6.18. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -12.74 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the previous year, the company posted ($0.13) earnings per share. Equities analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other news, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. The trade was a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kate Dehoff sold 27,898 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now owns 199,413 shares in the company, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 355,160 shares of company stock valued at $3,177,342. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of JOBY. Watts Gwilliam & Co. LLC bought a new position in shares of Joby Aviation in the fourth quarter valued at about $154,000. Everence Capital Management Inc. bought a new position in shares of Joby Aviation in the fourth quarter worth about $142,000. Tidal Investments LLC raised its stake in shares of Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after acquiring an additional 3,522 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. Finally, Kensington Investment Counsel LLC raised its position in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after purchasing an additional 3,653 shares during the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.