JPMorgan Chase & Co. Downgrades Joby Aviation (NYSE:JOBY) to Underweight

Joby Aviation (NYSE:JOBY) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports. They presently have a $6.00 target price on the stock, up from their prior target price of $5.00. JPMorgan Chase & Co.‘s target price indicates a potential downside of 36.97% from the company’s current price.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Performance

Shares of JOBY stock opened at $9.52 on Friday. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of -13.60 and a beta of 2.33. Joby Aviation has a one year low of $4.50 and a one year high of $10.72. The company has a 50 day moving average price of $7.56 and a 200 day moving average price of $6.18.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. As a group, equities analysts forecast that Joby Aviation will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at $318,085,803.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the sale, the insider now directly owns 199,413 shares in the company, 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 sold a total of 355,160 shares of company stock worth $3,177,342 in the last 90 days. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Ieq Capital LLC increased its stake 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 worth $22,652,000 after buying an additional 1,807,054 shares during the last quarter. State Street Corp grew its holdings in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its stake in shares of Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in shares of Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after purchasing an additional 249,375 shares during the last quarter. 52.85% of the stock is currently 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.