Joby Aviation (NYSE:JOBY) Shares Gap Down – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $6.04, but opened at $5.16. Joby Aviation shares last traded at $5.18, with a volume of 28,880,090 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on JOBY. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. raised their target price on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Canaccord Genuity Group reiterated a “buy” rating and set a $10.50 price target on shares of Joby Aviation in a research note on Friday, October 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd.

Joby Aviation Stock Down 12.3 %

The stock has a 50-day moving average price of $5.32 and a 200 day moving average price of $5.28. The firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -10.75 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, hitting the consensus estimate of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same quarter last year, the firm earned ($0.17) EPS. As a group, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the transaction, the director now directly owns 59,828,059 shares of the company’s stock, valued at approximately $308,114,503.85. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Paul Cahill Sciarra sold 166,666 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $5.15, for a total value of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Gregory Bowles sold 26,775 shares of Joby Aviation stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now owns 18,035 shares in the company, valued at $92,699.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock worth $2,667,151 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Flaharty Asset Management LLC increased its stake in Joby Aviation by 25.0% in the second quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company’s stock valued at $76,000 after purchasing an additional 3,000 shares during the period. ProShare Advisors LLC raised its stake in shares of Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after purchasing an additional 3,942 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Joby Aviation by 46.2% during the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after purchasing an additional 4,391 shares during the period. Cetera Advisors LLC grew its position in Joby Aviation by 32.9% in the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after buying an additional 5,025 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares during the period. 45.54% of the stock is owned by institutional investors and hedge funds.

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.