Joby Aviation (NYSE:JOBY) Trading Down 7.3% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) fell 7.3% during trading on Thursday . The company traded as low as $5.55 and last traded at $5.60. 5,387,822 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 10,873,831 shares. The stock had previously closed at $6.04.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on JOBY. Canaccord Genuity Group lifted 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. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. dropped their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Trading Down 6.5 %

The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -8.06 and a beta of 2.35. The firm has a 50-day moving average of $7.09 and a 200 day moving average of $6.94.

Insider Activity at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,332 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the sale, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This represents a 0.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. The trade was a 13.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,166,111 shares of company stock valued at $9,588,388 over the last ninety days. Corporate insiders own 32.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Whittier Trust Co. acquired a new stake in shares of Joby Aviation in the 4th quarter worth approximately $38,000. Allworth Financial LP increased its position in shares of Joby Aviation by 200.6% during the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after purchasing an additional 3,320 shares during the period. Compagnie Lombard Odier SCmA bought a new stake in shares of Joby Aviation in the 4th quarter worth $41,000. Toronto Dominion Bank bought a new stake in shares of Joby Aviation in the 4th quarter worth $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in shares of Joby Aviation in the fourth quarter valued at $41,000. 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.