Joby Aviation (NYSE:JOBY) Stock Price Down 2.4% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 2.4% during mid-day trading on Monday . The company traded as low as $7.68 and last traded at $8.07. 5,530,140 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 13,799,905 shares. The stock had previously closed at $8.26.

Wall Street Analyst Weigh In

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

Joby Aviation Price Performance

The stock has a market cap of $6.17 billion, a PE ratio of -11.52 and a beta of 2.33. The firm has a 50 day moving average of $8.39 and a two-hundred day moving average of $6.50.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) 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 company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the sale, the insider now owns 137,097 shares in the company, valued at approximately $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. This represents a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock valued at $5,864,050 over the last quarter. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its holdings in shares of Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after buying an additional 2,281,161 shares during the period. Geode Capital Management LLC lifted its holdings in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after acquiring an additional 670,852 shares during the period. State Street Corp boosted its position in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares in the last quarter. Rheos Capital Works Inc. increased its holdings in shares of Joby Aviation by 17.0% in the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after purchasing an additional 350,000 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Joby Aviation by 8.6% in the fourth quarter. Rhumbline Advisers now owns 594,419 shares of the company’s stock valued at $4,833,000 after purchasing an additional 47,070 shares during the period. 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.