Joby Aviation (NYSE:JOBY) Trading Down 3.9% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 3.9% during trading on Tuesday . The stock traded as low as $6.40 and last traded at $6.49. Approximately 5,365,576 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 13,131,762 shares. The stock had previously closed at $6.76.

Analyst Ratings Changes

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

Joby Aviation Stock Down 3.9 %

The stock’s 50 day moving average is $8.23 and its two-hundred day moving average is $6.70. The company has a market capitalization of $4.97 billion, a PE ratio of -9.24 and a beta of 2.33.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 333,332 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the transaction, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. The trade was a 0.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the insider now owns 54,776 shares of the company’s stock, valued at $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,015,257 shares of company stock worth $8,604,684. 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. Larson Financial Group LLC boosted its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Joby Aviation in the 4th quarter worth $38,000. Salem Investment Counselors Inc. boosted its position in shares of Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after purchasing an additional 5,000 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new position in Joby Aviation during the 4th quarter worth $41,000. Finally, Toronto Dominion Bank acquired a new position in Joby Aviation during the 4th quarter valued at about $41,000. Hedge funds and other institutional investors 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.