Joby Aviation (NYSE:JOBY) Stock Price Down 3.5% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) traded down 3.5% on Friday . The company traded as low as $11.43 and last traded at $11.8650. 31,011,893 shares changed hands during mid-day trading, an increase of 11% from the average session volume of 28,007,275 shares. The stock had previously closed at $12.30.

Analysts Set New Price Targets

Several equities analysts have commented on JOBY shares. Morgan Stanley decreased their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Canaccord Genuity Group decreased their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, February 26th. Finally, Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $13.06.

Joby Aviation Trading Down 3.5%

The firm has a market capitalization of $11.67 billion, a PE ratio of -10.32 and a beta of 2.61. The company’s 50-day moving average price is $9.50 and its 200-day moving average price is $11.66. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period in the previous year, the company earned ($0.11) EPS. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Insider Activity

In other news, insider Eric Allison sold 74,844 shares of Joby Aviation stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the completion of the sale, the insider directly owned 676,008 shares of the company’s stock, valued at approximately $6,760,080. The trade was a 9.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gregory Bowles sold 4,602 shares of Joby Aviation stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94. Following the sale, the insider directly owned 182,319 shares of the company’s stock, valued at approximately $2,091,198.93. This trade represents a 2.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 1,089,118 shares of company stock valued at $10,449,476 in the last 90 days. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after acquiring an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC raised 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 worth $155,671,000 after acquiring an additional 390,794 shares in the last quarter. State Street Corp raised 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 worth $142,731,000 after acquiring an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Joby Aviation by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after acquiring an additional 271,475 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock worth $67,661,000 after acquiring an additional 1,223,412 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

About Joby Aviation

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.