Barclays started coverage on shares of Joby Aviation (NYSE:JOBY – Free Report) in a research note issued to investors on Friday, MarketBeat reports. The brokerage issued an underweight rating and a $4.00 price target on the stock.
A number of other research firms also recently issued reports on JOBY. Needham & Company LLC reduced their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Monday, September 21st. Susquehanna set a $18.00 target price on Joby Aviation in a research report on Thursday, August 6th. Wall Street Zen lowered shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Finally, Cantor Fitzgerald restated a “neutral” rating on shares of Joby Aviation in a research report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $12.72.
Get Our Latest Stock Report on JOBY
Joby Aviation Stock Performance
Joby Aviation (NYSE:JOBY – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative net margin of 755.11% and a negative return on equity of 55.29%. The firm had revenue of $38.64 million for the quarter, compared to analysts’ expectations of $30.20 million. During the same quarter in the previous year, the business earned ($0.41) EPS. The company’s revenue for the quarter was up 257493.3% on a year-over-year basis. As a group, analysts anticipate that Joby Aviation will post -1.00 EPS for the current fiscal year.
Insider Transactions at Joby Aviation
In related news, insider Bonny Simi sold 10,890 shares of Joby Aviation stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $5.95, for a total value of $64,795.50. Following the completion of the transaction, the insider owned 241,923 shares in the company, valued at approximately $1,439,441.85. This trade represents a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Paul Sciarra sold 62,500 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $6.09, for a total value of $380,625.00. Following the sale, the director directly owned 55,640,557 shares in the company, valued at $338,850,992.13. The trade was a 0.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 933,496 shares of company stock worth $5,956,952 in the last quarter. Company insiders own 20.35% of the company’s stock.
Institutional Investors Weigh In On Joby Aviation
Several institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its stake in Joby Aviation by 194.5% during the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after buying an additional 2,645,200 shares during the period. Clear Street Group Inc. increased its position in Joby Aviation by 59.9% during the fourth quarter. Clear Street Group Inc. now owns 3,593,043 shares of the company’s stock valued at $47,428,000 after acquiring an additional 1,346,205 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Joby Aviation by 48.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,679,515 shares of the company’s stock valued at $22,133,000 after acquiring an additional 870,244 shares during the last quarter. Amova Asset Management Americas Inc. increased its position in Joby Aviation by 48.1% during the first quarter. Amova Asset Management Americas Inc. now owns 2,678,495 shares of the company’s stock valued at $22,124,000 after acquiring an additional 870,244 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Joby Aviation by 27.6% in the second quarter. Bank of New York Mellon Corp now owns 2,136,710 shares of the company’s stock valued at $19,059,000 after acquiring an additional 462,585 shares during the period. 52.85% of the stock is owned by institutional investors.
Joby Aviation News Roundup
Here are the key news stories impacting Joby Aviation this week:
- Positive Sentiment: Joby’s Blade division provides an operating business with existing helicopter passengers and revenue, offering some diversification while the company develops its electric air-taxi business. What Has The Market Missed In Joby Stock’s Drop?
- Positive Sentiment: BitRipple deployed its LT3 connectivity system across Joby’s flight operations, potentially improving real-time telemetry and monitoring through satellite and cellular networks. BitRipple LT3 Deployed Across Joby Flight Operations
- Neutral Sentiment: Although the stock’s decline has made valuation more attractive to some investors, commentary continues to describe Joby as an early-stage company with limited commercial air-taxi sales and substantial execution risk. Joby Aviation Stock Looks Overvalued Even After a 67% Fall
- Negative Sentiment: Barclays began coverage with an Underweight rating and a $4 price target, implying roughly 26% downside from the reported share price. The downgrade was the clearest immediate catalyst for the selloff. Joby Sinks as Barclays Cuts to Underweight
- Negative Sentiment: A jury verdict requires Joby to pay approximately $116.9 million in a trade-secrets lawsuit, creating a significant cash liability and adding legal uncertainty. Joby Aviation to Pay $116.9 Million in Trade Secrets Case
- Negative Sentiment: Reports of insider selling coincided with the stock setting a new 52-week low, potentially weakening investor confidence. Joby Aviation Sets New 52-Week Low Following Insider Selling
- Negative Sentiment: Technical selling has intensified as JOBY approaches a death cross, while its market capitalization has fallen from about $15.7 billion to $5.24 billion. Joby Aviation Stock Slumps Toward a Death Cross
About Joby Aviation
Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.
The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.
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