Joby Aviation, Inc. (NYSE:JOBY) Given Consensus Rating of “Reduce” by Analysts

Shares of Joby Aviation, Inc. (NYSE:JOBY) have earned an average recommendation of “Reduce” from the nine analysts that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $13.8125.

JOBY has been the subject of a number of research analyst reports. The Goldman Sachs Group began coverage on shares of Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Needham & Company LLC dropped their target price on shares of Joby Aviation to $18.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research report on Thursday, March 12th.

Insider Transactions at Joby Aviation

In related news, insider Bonny W. Simi sold 110,173 shares of Joby Aviation stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $13.85, for a total transaction of $1,525,896.05. Following the completion of the transaction, the insider directly owned 125,114 shares in the company, valued at $1,732,828.90. The trade was a 46.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kate Dehoff sold 28,260 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total value of $415,987.20. Following the transaction, the insider directly owned 149,369 shares of the company’s stock, valued at $2,198,711.68. The trade was a 15.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,486,368 shares of company stock worth $16,211,332. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently made changes to their positions in JOBY. Vanguard Group Inc. grew its position in Joby Aviation by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares during the period. Geode Capital Management LLC lifted its stake in shares of Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after purchasing an additional 390,794 shares in the last quarter. State Street Corp grew its holdings in shares of Joby Aviation by 5.0% during the 4th quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after purchasing an additional 512,129 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Joby Aviation by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after purchasing an additional 271,475 shares during the period. Finally, Bank of America Corp DE increased its position in Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock worth $67,661,000 after purchasing an additional 1,223,412 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Stock Down 5.9%

NYSE JOBY opened at $8.45 on Friday. The stock has a market capitalization of $7.70 billion, a P/E ratio of -7.41 and a beta of 2.59. Joby Aviation has a 52-week low of $4.96 and a 52-week high of $20.95. The firm has a 50-day moving average price of $10.69 and a 200 day moving average price of $13.65.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The business had revenue of $30.84 million during the quarter, compared to analysts’ expectations of $16.88 million. Joby Aviation’s revenue for the quarter was up 5506.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.34) EPS. On average, equities research analysts expect that Joby Aviation will post -0.69 earnings per share for the current fiscal year.

Joby Aviation Company Profile

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.