Joby Aviation (NYSE:JOBY) Trading Down 8%

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 8% on Wednesday . The stock traded as low as $4.93 and last traded at $4.94. 4,017,804 shares were traded during mid-day trading, a decline of 17% from the average session volume of 4,840,585 shares. The stock had previously closed at $5.37.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised shares of Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $7.67.

Joby Aviation Stock Performance

The business has a fifty day moving average price of $5.12 and a 200 day moving average price of $5.71. The company has a market cap of $3.43 billion, a price-to-earnings ratio of -6.16 and a beta of 2.04.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $0.03 million during the quarter, compared to analyst estimates of $0.05 million. The company’s revenue for the quarter was down 97.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.16) earnings per share. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.72 EPS for the current year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 5,448 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $4.64, for a total value of $25,278.72. Following the completion of the transaction, the chief executive officer now owns 662,605 shares of the company’s stock, valued at $3,074,487.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Joeben Bevirt sold 5,448 shares of the stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $4.64, for a total value of $25,278.72. Following the completion of the sale, the chief executive officer now owns 662,605 shares of the company’s stock, valued at $3,074,487.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Matthew Field sold 12,500 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $5.50, for a total transaction of $68,750.00. Following the sale, the insider now directly owns 232,506 shares of the company’s stock, valued at approximately $1,278,783. The disclosure for this sale can be found here. Insiders have sold 553,419 shares of company stock worth $2,836,610 in the last 90 days. Insiders own 49.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sittner & Nelson LLC lifted its stake in Joby Aviation by 100.0% in the third quarter. Sittner & Nelson LLC now owns 4,000 shares of the company’s stock valued at $26,000 after buying an additional 2,000 shares during the period. Monterey Private Wealth Inc. bought a new position in Joby Aviation during the fourth quarter worth $67,000. International Assets Investment Management LLC acquired a new stake in Joby Aviation in the fourth quarter worth $73,000. Private Advisor Group LLC acquired a new position in shares of Joby Aviation during the fourth quarter valued at about $77,000. Finally, Teza Capital Management LLC acquired a new stake in shares of Joby Aviation in the 3rd quarter valued at about $76,000. 45.54% of the stock is owned by institutional investors and hedge funds.

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.