Joby Aviation (NYSE:JOBY) Shares Down 0.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 0.5% during trading on Wednesday . The stock traded as low as $8.29 and last traded at $8.33. 2,101,092 shares were traded during trading, a decline of 86% from the average session volume of 14,510,943 shares. The stock had previously closed at $8.37.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on JOBY shares. Canaccord Genuity Group boosted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Needham & Company LLC raised their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Price Performance

The business’s 50-day moving average price is $8.29 and its two-hundred day moving average price is $6.48. The company has a market capitalization of $6.35 billion, a P/E ratio of -11.86 and a beta of 2.33.

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

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 6,205 shares of the company’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.10, for a total transaction of $50,260.50. Following the sale, the insider now owns 215,947 shares in the company, valued at approximately $1,749,170.70. This represents a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 672,338 shares of company stock valued at $5,864,050 over the last three months. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Larson Financial Group LLC increased its stake in shares of Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares during the last quarter. Salem Investment Counselors Inc. raised its stake in Joby Aviation by 5,000.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after buying an additional 5,000 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Joby Aviation in the fourth quarter valued at approximately $42,000. Empowered Funds LLC bought a new position in shares of Joby Aviation during the 3rd quarter worth approximately $51,000. Finally, Sound Income Strategies LLC increased its holdings in shares of Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after acquiring an additional 10,000 shares during the last quarter. 52.85% of the stock is owned by institutional investors.

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.