Joby Aviation (NYSE:JOBY) Stock Price Down 0.6% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) traded down 0.6% during trading on Tuesday . The company traded as low as $8.09 and last traded at $8.18. 2,388,737 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 14,928,682 shares. The stock had previously closed at $8.23.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group upped their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Finally, Needham & Company LLC increased their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Down 0.9 %

The stock has a 50 day moving average price of $8.34 and a 200 day moving average price of $6.49. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of -11.79 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share 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 firm earned ($0.13) earnings per share. Sell-side analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,332 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was 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 of the company’s stock, valued at $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 672,338 shares of company stock worth $5,864,050 over the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of the stock. Amalgamated Bank grew its holdings in Joby Aviation by 46.2% in 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. Xponance Inc. increased its position in Joby Aviation by 52.0% in the 2nd quarter. Xponance Inc. now owns 25,614 shares of the company’s stock valued at $131,000 after buying an additional 8,759 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Joby Aviation by 28.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock worth $1,266,000 after buying an additional 55,340 shares during the period. Algert Global LLC bought a new position in Joby Aviation in the second quarter worth approximately $90,000. Finally, EP Wealth Advisors LLC acquired a new stake in Joby Aviation in the second quarter valued at approximately $165,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.