Joby Aviation, Inc. (NYSE:JOBY) Given Average Recommendation of “Reduce” by Brokerages

Shares of Joby Aviation, Inc. (NYSE:JOBY) have earned an average rating of “Reduce” from the eight ratings firms that are covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $11.8333.

JOBY has been the subject of a number of recent analyst reports. Canaccord Genuity Group lowered Joby Aviation from a “buy” rating to a “hold” rating and increased their price objective for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. HC Wainwright lowered Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on Joby Aviation from $5.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. Finally, Wall Street Zen lowered Joby Aviation from a “hold” rating to a “sell” rating in a report on Saturday, August 2nd.

Joby Aviation Trading Up 1.0%

NYSE:JOBY opened at $16.30 on Tuesday. The firm has a market capitalization of $13.95 billion, a PE ratio of -15.23 and a beta of 2.52. The stock has a 50 day moving average of $15.50 and a 200-day moving average of $12.23. Joby Aviation has a 52 week low of $4.80 and a 52 week high of $20.95.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. The company’s revenue was down 94.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) earnings per share. As a group, analysts predict that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $14.30, for a total value of $7,150,014.30. Following the completion of the transaction, the director directly owned 56,328,057 shares of the company’s stock, valued at $805,491,215.10. This represents a 0.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Kate Dehoff sold 52,907 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the completion of the transaction, the insider directly owned 149,369 shares of the company’s stock, valued at $2,354,055.44. This trade represents a 26.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,830,880 shares of company stock worth $28,060,985. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently modified their holdings of the stock. Toyota Motor Corp boosted its stake in shares of Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock worth $1,355,194,000 after acquiring an additional 49,701,790 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 5.4% during the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock worth $117,230,000 after acquiring an additional 573,328 shares in the last quarter. State Street Corp boosted its stake in shares of Joby Aviation by 3.0% during the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock worth $109,636,000 after acquiring an additional 305,109 shares in the last quarter. Rheos Capital Works Inc. boosted its stake in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Finally, ARK Investment Management LLC boosted its stake in shares of Joby Aviation by 1.9% during the 2nd quarter. ARK Investment Management LLC now owns 3,507,405 shares of the company’s stock worth $37,003,000 after acquiring an additional 64,562 shares in the last quarter. 52.85% of the stock is owned by 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.