Joby Aviation (NYSE:JOBY) Lowered to Sell at Zacks Investment Research

Joby Aviation (NYSE:JOBY – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Joby Aviation Inc. is involved in developing all-electric aircraft for aerial ridesharing. Joby Aviation Inc., formerly known as Reinvent Technology Partners, is based in SANTA CRUZ, Calif. “

JOBY has been the topic of a number of other research reports. Cantor Fitzgerald initiated coverage on shares of Joby Aviation in a research report on Tuesday, April 5th. They set an “overweight” rating and a $10.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Joby Aviation in a report on Monday, April 11th. They issued a “hold” rating and a $8.00 price target on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Joby Aviation in a report on Thursday, April 28th. They issued a “neutral” rating and a $7.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.40.

Shares of Joby Aviation stock opened at $5.15 on Wednesday. The firm has a fifty day simple moving average of $5.46 and a 200-day simple moving average of $5.69. Joby Aviation has a 1-year low of $3.61 and a 1-year high of $14.33.

Joby Aviation (NYSE:JOBY – Get Rating) last announced its earnings results on Thursday, May 12th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.02). As a group, analysts anticipate that Joby Aviation will post -0.54 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the company. UBS Group AG acquired a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $29,000. Minot Wealth Management LLC acquired a new stake in Joby Aviation during the 1st quarter valued at $66,000. Prelude Capital Management LLC acquired a new stake in Joby Aviation during the 1st quarter valued at $69,000. Traverso Chambers Private Wealth Management LLC acquired a new stake in Joby Aviation during the 1st quarter valued at $73,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Joby Aviation during the 4th quarter valued at $75,000. 25.83% of the stock is owned by institutional investors.

About Joby Aviation (Get Rating)

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. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.

Further Reading

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