Joby Aviation (NYSE:JOBY) Stock Price Down 4.6% Following Weak Earnings

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 4.6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $14.16 and last traded at $14.31. 39,064,950 shares were traded during mid-day trading, an increase of 45% from the average session volume of 27,011,998 shares. The stock had previously closed at $15.00.

The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. During the same quarter in the previous year, the business earned ($0.21) EPS. The business’s quarterly revenue was up 7962.1% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. HC Wainwright downgraded Joby Aviation from a “buy” rating to a “neutral” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a research note on Thursday. Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and upped their price objective for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation presently has a consensus rating of “Reduce” and a consensus price target of $14.00.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 27,537 shares of the company’s stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares of the company’s stock, valued at $11,660,487.52. This represents a 3.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 52,907 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $15.76, for a total transaction of $833,814.32. Following the transaction, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. This represents a 26.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,657,424 shares of company stock valued at $25,068,869 in the last quarter. 28.50% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its position in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after acquiring an additional 5,015 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Joby Aviation by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 71,663 shares of the company’s stock valued at $431,000 after purchasing an additional 7,607 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Joby Aviation in the first quarter worth $168,000. Bank of New York Mellon Corp raised its holdings in Joby Aviation by 5.4% in the first quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company’s stock worth $8,118,000 after purchasing an additional 69,464 shares in the last quarter. Finally, Brown Advisory Inc. lifted its position in Joby Aviation by 23.6% during the first quarter. Brown Advisory Inc. now owns 13,905 shares of the company’s stock valued at $84,000 after buying an additional 2,655 shares during the period. 52.85% of the stock is owned by institutional investors.

Joby Aviation Trading Up 4.2%

The stock’s fifty day moving average price is $15.72 and its 200 day moving average price is $12.80. The stock has a market cap of $12.77 billion, a P/E ratio of -11.13 and a beta of 2.52.

Joby Aviation Company Profile

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.