Joby Aviation (NYSE:JOBY) Trading Down 1.3% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 1.3% during trading on Friday . The company traded as low as $7.33 and last traded at $7.37. Approximately 2,717,092 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 13,050,564 shares. The stock had previously closed at $7.47.

Analyst Ratings Changes

A number of research analysts have recently issued reports on JOBY shares. JPMorgan Chase & Co. lowered 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 report on Friday, January 10th. 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 report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group upped their price target 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. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Performance

The company has a market cap of $5.40 billion, a price-to-earnings ratio of -10.05 and a beta of 2.33. The firm’s 50 day simple moving average is $8.27 and its 200-day simple moving average is $6.65.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the sale, the insider now directly owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 6,903 shares of Joby Aviation stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the transaction, the insider now owns 202,276 shares in the company, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,023,005 shares of company stock valued at $8,667,288. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently modified their holdings of the company. Intech Investment Management LLC purchased a new stake in shares of Joby Aviation in the 3rd quarter valued at approximately $518,000. Rheos Capital Works Inc. lifted its holdings in Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after acquiring an additional 350,000 shares during the last quarter. Fred Alger Management LLC grew its position in Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after acquiring an additional 58,229 shares during the period. Hamilton Lane Advisors LLC purchased a new position in Joby Aviation in the fourth quarter worth approximately $418,000. Finally, Entropy Technologies LP acquired a new stake in Joby Aviation during the fourth quarter worth $300,000. Hedge funds and other institutional investors 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.