Joby Aviation (NYSE:JOBY) Stock Price Down 5.5% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 5.5% on Thursday . The stock traded as low as $7.41 and last traded at $7.50. 9,627,150 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 8,720,123 shares. The stock had previously closed at $7.94.

Analyst Ratings Changes

A number of analysts have issued reports on JOBY shares. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday. Canaccord Genuity Group cut their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. JPMorgan Chase & Co. dropped their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Stock Performance

The business has a 50-day simple moving average of $6.54 and a 200-day simple moving average of $5.77. The company has a market cap of $5.58 billion, a price-to-earnings ratio of -10.41 and a beta of 2.32.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period last year, the business earned ($0.13) EPS. Research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the sale, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This trade represents a 0.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 535,506 shares of company stock worth $2,759,533. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Flaharty Asset Management LLC raised its position in Joby Aviation by 25.0% in the 2nd 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 last quarter. Tidal Investments LLC increased its stake in Joby Aviation by 13.7% in the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after purchasing an additional 3,522 shares during the period. Kensington Investment Counsel LLC raised its holdings in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after buying an additional 3,653 shares during the last quarter. Amalgamated Bank boosted its stake 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 buying an additional 4,391 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 52.85% 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.