Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) shares dropped 4.4% on Tuesday after an insider sold shares in the company. The stock traded as low as $8.94 and last traded at $9.2760. Approximately 35,142,807 shares traded hands during mid-day trading, an increase of 25% from the average daily volume of 28,091,652 shares. The stock had previously closed at $9.70.
Specifically, CFO Rodrigo Brumana sold 78,489 shares of the company’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70. Following the completion of the sale, the chief financial officer owned 81,694 shares in the company, valued at approximately $923,142.20. This represents a 49.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Analysts Set New Price Targets
A number of research firms recently issued reports on JOBY. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Oppenheimer set a $18.00 price target on Joby Aviation in a report on Thursday, February 26th. Weiss Ratings lowered Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, May 4th. Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a report on Thursday, May 7th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $13.06.
Joby Aviation Stock Down 4.4%
The firm has a market cap of $9.12 billion, a price-to-earnings ratio of -8.07 and a beta of 2.66. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The business’s 50-day moving average is $9.72 and its 200-day moving average is $11.46.
Joby Aviation (NYSE:JOBY – Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. The company had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter in the previous year, the company posted ($0.11) earnings per share. On average, equities analysts predict that Joby Aviation, Inc. will post -0.83 EPS for the current year.
Hedge Funds Weigh In On Joby Aviation
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp raised its holdings in shares of Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after buying an additional 1,348 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after acquiring an additional 1,880 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Joby Aviation in the 4th quarter valued at about $28,000. Strategic Advocates LLC bought a new position in Joby Aviation in the 3rd quarter worth approximately $29,000. Finally, Pandora Wealth Inc. acquired a new position in Joby Aviation during the 4th quarter worth $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.
About Joby Aviation
Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.
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