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

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 1.3% during mid-day trading on Friday . The company traded as low as $7.77 and last traded at $7.76. 4,240,686 shares were traded during trading, a decline of 67% from the average session volume of 13,026,347 shares. The stock had previously closed at $7.86.

Wall Street Analyst Weigh In

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

Joby Aviation Price Performance

The firm has a market cap of $5.93 billion, a price-to-earnings ratio of -11.06 and a beta of 2.33. The company’s 50 day simple moving average is $8.39 and its 200 day simple moving average is $6.54.

Joby Aviation (NYSE:JOBY) last issued its quarterly 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). The company had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the company earned ($0.13) EPS. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the transaction, the director now owns 58,661,395 shares of the company’s stock, valued at $470,464,387.90. The trade was a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the completion of the sale, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at $318,085,803.12. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,005,672 shares of company stock worth $8,537,389. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in JOBY. The Manufacturers Life Insurance Company boosted its position in Joby Aviation by 28.7% during the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock worth $1,266,000 after purchasing an additional 55,340 shares in the last quarter. Algert Global LLC acquired a new stake in Joby Aviation in the 2nd quarter valued at $90,000. Sanctuary Advisors LLC purchased a new position in shares of Joby Aviation in the second quarter valued at $81,000. Handelsbanken Fonder AB boosted its holdings in Joby Aviation by 31.7% in the third quarter. Handelsbanken Fonder AB now owns 101,700 shares of the company’s stock valued at $512,000 after purchasing an additional 24,500 shares during the last quarter. Finally, Sound Income Strategies LLC increased its position in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors and hedge funds 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.