Joby Aviation (NYSE:JOBY) Stock Price Down 8%

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

Analysts Set New Price Targets

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

Joby Aviation Stock Performance

The stock’s 50 day moving average is $5.12 and its two-hundred day moving average is $5.71. The stock has a market capitalization of $3.43 billion, a PE 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, topping analysts’ consensus estimates of ($0.17) by $0.03. The business had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.05 million. The business’s revenue was down 97.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. Equities research analysts expect that Joby Aviation, Inc. will post -0.72 EPS for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 5,757 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $6.03, for a total value of $34,714.71. Following the completion of the transaction, the chief executive officer now directly owns 604,437 shares in the company, valued at $3,644,755.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Joeben Bevirt sold 5,757 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $6.03, for a total transaction of $34,714.71. Following the completion of the transaction, the chief executive officer now directly owns 604,437 shares in the company, valued at $3,644,755.11. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 11,362 shares of the stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $4.96, for a total value of $56,355.52. Following the transaction, the insider now directly owns 68,278 shares in the company, valued at approximately $338,658.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 553,419 shares of company stock valued at $2,836,610. 49.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently modified their holdings of the business. 8VC GP I LLC acquired a new position in shares of Joby Aviation during the fourth quarter worth about $95,727,000. Vanguard Group Inc. boosted its position in shares of Joby Aviation by 20.6% during the 3rd quarter. Vanguard Group Inc. now owns 34,130,744 shares of the company’s stock worth $220,143,000 after acquiring an additional 5,819,837 shares in the last quarter. Baillie Gifford & Co. raised its position in shares of Joby Aviation by 10.3% during the 4th quarter. Baillie Gifford & Co. now owns 56,320,441 shares of the company’s stock worth $374,531,000 after acquiring an additional 5,267,436 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Joby Aviation by 55.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,754,199 shares of the company’s stock worth $24,215,000 after purchasing an additional 1,341,811 shares during the last quarter. Finally, Lingotto Investment Management LLP grew its position in shares of Joby Aviation by 129.8% in the 4th quarter. Lingotto Investment Management LLP now owns 2,088,980 shares of the company’s stock valued at $13,892,000 after buying an additional 1,180,000 shares during the last quarter. Institutional investors and hedge funds own 45.54% of the company’s stock.

Joby Aviation Company Profile

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.