Joby Aviation (NYSE:JOBY) Stock Price Down 0.5% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) fell 0.5% on Tuesday . The stock traded as low as $5.95 and last traded at $6.24. 9,875,567 shares changed hands during trading, an increase of 36% from the average session volume of 7,253,255 shares. The stock had previously closed at $6.27.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on JOBY shares. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. Canaccord Genuity Group dropped their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th.

Joby Aviation Trading Up 0.2 %

The stock has a market capitalization of $4.23 billion, a PE ratio of -8.53 and a beta of 1.97. The company has a 50 day simple moving average of $5.39 and a 200 day simple moving average of $5.33.

Joby Aviation (NYSE:JOBY) last posted 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 business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same quarter last year, the business earned ($0.13) EPS. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.68 EPS for the current year.

Insider Activity

In other news, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the transaction, the insider now owns 47,474 shares in the company, valued at $253,036.42. This trade represents a 11.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $153,439.00. Following the sale, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. The trade was a 12.27 % 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 in the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. lifted its holdings in Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after acquiring an additional 2,889,012 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Joby Aviation during the first quarter worth approximately $15,357,000. Ieq Capital LLC increased its holdings in shares of Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares during the period. Susquehanna Fundamental Investments LLC boosted its stake in shares of Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares in the last quarter. 45.54% of the stock is owned by hedge funds and other institutional investors.

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.