Joby Aviation (NYSE:JOBY) Trading Down 4.7% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 4.7% during trading on Wednesday . The company traded as low as $5.89 and last traded at $6.02. Approximately 7,844,310 shares changed hands during trading, an increase of 7% from the average daily volume of 7,327,021 shares. The stock had previously closed at $6.32.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Canaccord Genuity Group lowered their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, October 2nd.

Joby Aviation Trading Down 7.1 %

The company’s 50-day moving average is $5.37 and its two-hundred day moving average is $5.32. The stock has a market capitalization of $4.20 billion, a P/E ratio of -8.73 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last released its quarterly 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 net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the firm posted ($0.13) EPS. Sell-side analysts expect that Joby Aviation, Inc. will post -0.68 EPS for the current fiscal year.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Kate Dehoff sold 27,898 shares of Joby Aviation stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the transaction, the insider now directly owns 199,413 shares in the company, valued at approximately $1,096,771.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of JOBY. Vanguard Group Inc. lifted its position in shares of Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Joby Aviation during the 1st quarter valued at $15,357,000. 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 acquiring an additional 1,807,054 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after acquiring an additional 616,579 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.