Joby Aviation, Inc. (NYSE:JOBY) Receives Consensus Recommendation of “Reduce” from Analysts

Joby Aviation, Inc. (NYSE:JOBY) has been given a consensus recommendation of “Reduce” by the nine ratings firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $13.8125.

Several research firms have commented on JOBY. Needham & Company LLC cut their price objective on Joby Aviation to $18.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. The Goldman Sachs Group assumed coverage on Joby Aviation in a research report on Monday, December 1st. They issued a “sell” rating and a $10.00 target price for the company. Canaccord Genuity Group reiterated a “hold” rating and issued a $15.50 target price on shares of Joby Aviation in a research note on Tuesday, February 3rd. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Finally, HC Wainwright restated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a report on Thursday, March 12th.

Joby Aviation Stock Down 5.9%

Joby Aviation stock opened at $8.45 on Friday. Joby Aviation has a 52-week low of $4.96 and a 52-week high of $20.95. The firm has a fifty day moving average of $10.69 and a 200-day moving average of $13.65. The firm has a market capitalization of $7.70 billion, a P/E ratio of -7.41 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.06. The business had revenue of $30.84 million for the quarter, compared to analyst estimates of $16.88 million. During the same quarter in the previous year, the firm posted ($0.34) EPS. The business’s revenue was up 5506.5% compared to the same quarter last year. On average, research analysts expect that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insider Activity

In other news, insider Eric Allison sold 32,448 shares of the business’s stock in a transaction on Tuesday, December 30th. The shares were sold at an average price of $13.25, for a total transaction of $429,936.00. Following the transaction, the insider directly owned 659,980 shares of the company’s stock, valued at approximately $8,744,735. The trade was a 4.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 507,182 shares of the company’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $10.62, for a total transaction of $5,386,272.84. Following the completion of the transaction, the chief executive officer owned 31,997,802 shares of the company’s stock, valued at $339,816,657.24. This trade represents a 1.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,486,368 shares of company stock valued at $16,211,332. 28.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Sowell Financial Services LLC purchased a new stake in Joby Aviation during the 3rd quarter worth approximately $663,000. Pier 88 Investment Partners LLC acquired a new position in shares of Joby Aviation in the 3rd quarter valued at approximately $635,000. Voya Investment Management LLC boosted its stake in shares of Joby Aviation by 20.0% during the 3rd quarter. Voya Investment Management LLC now owns 1,150,050 shares of the company’s stock valued at $18,562,000 after buying an additional 192,064 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Joby Aviation during the second quarter worth approximately $461,000. Finally, Udine Wealth Management Inc. acquired a new stake in shares of Joby Aviation during the third quarter worth approximately $1,414,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.