Joby Aviation (NYSE:JOBY) Shares Down 3.2% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 3.2% during trading on Thursday . The company traded as low as $8.42 and last traded at $8.49. 3,287,824 shares were traded during mid-day trading, a decline of 79% from the average session volume of 15,702,084 shares. The stock had previously closed at $8.77.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on JOBY. JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and increased their target price for the company from $5.00 to $6.00 in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC boosted their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Up 1.0 %

The firm has a 50-day moving average of $8.14 and a 200 day moving average of $6.41. The stock has a market capitalization of $6.70 billion, a P/E ratio of -12.51 and a beta of 2.33.

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). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the previous year, the business posted ($0.13) earnings per share. Analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the completion of the sale, the director now owns 58,994,729 shares in the company, valued at $471,957,832. This trade represents a 0.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 672,338 shares of company stock worth $5,864,050. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rheos Capital Works Inc. grew its holdings in shares of Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock worth $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Spire Wealth Management bought a new position in shares of Joby Aviation in the fourth quarter valued at about $110,000. Flagship Harbor Advisors LLC lifted its position in Joby Aviation by 51.6% during the 4th quarter. Flagship Harbor Advisors LLC now owns 30,476 shares of the company’s stock worth $248,000 after buying an additional 10,370 shares in the last quarter. Sound Income Strategies LLC grew its holdings in Joby Aviation by 111.3% during the 4th quarter. Sound Income Strategies LLC now owns 21,773 shares of the company’s stock worth $177,000 after acquiring an additional 11,471 shares during the last quarter. Finally, GoalVest Advisory LLC acquired a new stake in Joby Aviation in the 4th quarter valued at about $146,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.