Joby Aviation (NYSE:JOBY) Shares Down 5.1% Following Analyst Downgrade

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 5.1% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $6.00 to $5.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Joby Aviation traded as low as $4.99 and last traded at $5.00. 11,336,932 shares traded hands during trading, an increase of 68% from the average session volume of 6,745,752 shares. The stock had previously closed at $5.27.

A number of other analysts also recently issued reports on JOBY. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Canaccord Genuity Group lowered their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday.

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 27,898 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total value of $153,439.00. Following the transaction, the insider now owns 199,413 shares of the company’s stock, valued at $1,096,771.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gregory Bowles sold 26,775 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $5.14, for a total value of $137,623.50. Following the completion of the sale, the insider now owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock worth $2,667,151 over the last quarter. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the stock. Flaharty Asset Management LLC boosted its stake in shares of Joby Aviation by 25.0% in the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock worth $76,000 after acquiring an additional 3,000 shares during the last quarter. ProShare Advisors LLC raised its stake in Joby Aviation by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after acquiring an additional 3,942 shares in the last quarter. Amalgamated Bank raised its position in Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after purchasing an additional 4,391 shares during the last quarter. Cetera Advisors LLC raised its stake in shares of Joby Aviation by 32.9% during the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after purchasing an additional 5,025 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the period. Hedge funds and other institutional investors own 45.54% of the company’s stock.

Joby Aviation Stock Performance

The stock’s fifty day moving average price is $5.32 and its 200-day moving average price is $5.29. The firm has a market cap of $3.58 billion, a PE ratio of -10.21 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter last year, the firm posted ($0.17) earnings per share. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

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.