Joby Aviation (NYSE:JOBY) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Joby Aviation (NYSE:JOBYGet Rating) from a buy rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Joby Aviation Inc. is involved in developing all-electric aircraft for aerial ridesharing. Joby Aviation Inc., formerly known as Reinvent Technology Partners, is based in SANTA CRUZ, Calif. “

A number of other research firms also recently commented on JOBY. Deutsche Bank Aktiengesellschaft began coverage on Joby Aviation in a report on Monday, April 11th. They issued a hold rating and a $8.00 price objective on the stock. JPMorgan Chase & Co. began coverage on Joby Aviation in a report on Thursday, April 28th. They issued a neutral rating and a $7.00 price objective on the stock. Finally, Cantor Fitzgerald began coverage on Joby Aviation in a report on Tuesday, April 5th. They issued an overweight rating and a $10.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Joby Aviation presently has a consensus rating of Hold and an average target price of $9.40.

Shares of JOBY opened at $6.01 on Wednesday. Joby Aviation has a fifty-two week low of $3.61 and a fifty-two week high of $14.33. The business’s 50-day moving average is $5.44 and its 200-day moving average is $5.84.

Joby Aviation (NYSE:JOBYGet Rating) last issued its earnings results on Thursday, May 12th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). On average, sell-side analysts expect that Joby Aviation will post -0.54 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. UBS Group AG bought a new stake in Joby Aviation during the third quarter worth approximately $29,000. Minot Wealth Management LLC bought a new stake in shares of Joby Aviation in the first quarter valued at approximately $66,000. Prelude Capital Management LLC bought a new stake in shares of Joby Aviation in the first quarter valued at approximately $69,000. Traverso Chambers Private Wealth Management LLC bought a new stake in shares of Joby Aviation in the first quarter valued at approximately $73,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Joby Aviation in the fourth quarter valued at approximately $75,000. 25.83% of the stock is owned by hedge funds and other institutional investors.

Joby Aviation Company Profile (Get Rating)

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. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.

See Also

Get a free copy of the Zacks research report on Joby Aviation (JOBY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Joby Aviation (NYSE:JOBY)

Receive News & Ratings for Joby Aviation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Joby Aviation and related companies with MarketBeat.com's FREE daily email newsletter.