Joby Aviation (NYSE:JOBY) Stock Rating Lowered by JPMorgan Chase & Co.

Joby Aviation (NYSE:JOBY) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report issued on Friday, Marketbeat reports. They currently have a $6.00 price objective on the stock, up from their prior price objective of $5.00. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 31.51% from the company’s current price.

JOBY has been the subject of several other reports. Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Needham & Company LLC assumed coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Down 7.7 %

JOBY opened at $8.76 on Friday. The stock has a fifty day moving average of $7.64 and a 200-day moving average of $6.21. The firm has a market capitalization of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33. Joby Aviation has a 12-month low of $4.50 and a 12-month high of $10.72.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same quarter in the prior year, the business posted ($0.13) earnings per share. On average, analysts expect that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Eric Allison sold 27,817 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the sale, the insider now owns 463,151 shares in the company, valued at approximately $2,575,119.56. This trade represents a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the sale, the insider now owns 54,776 shares of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 355,160 shares of company stock valued at $3,177,342. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC bought a new stake in shares of Joby Aviation in the third quarter valued at about $518,000. Fred Alger Management LLC lifted its stake in Joby Aviation by 89.4% during the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares during the period. Caprock Group LLC lifted its stake in Joby Aviation by 179.5% during the third quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after purchasing an additional 79,896 shares during the period. Susquehanna Fundamental Investments LLC lifted its stake in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the period. Finally, Holocene Advisors LP lifted its stake in Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after purchasing an additional 249,375 shares during the period. Institutional investors own 52.85% of the company’s stock.

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.