Joby Aviation (NYSE:JOBY) Shares Down 2% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) fell 2% on Monday . The stock traded as low as $5.86 and last traded at $5.99. 3,148,824 shares were traded during trading, a decline of 71% from the average session volume of 10,812,815 shares. The stock had previously closed at $6.11.

Wall Street Analyst Weigh In

Several equities analysts have commented on JOBY shares. JPMorgan Chase & Co. lowered their price target on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a report on Thursday, February 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group raised their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Down 0.5 %

The firm has a market cap of $4.79 billion, a price-to-earnings ratio of -8.66 and a beta of 2.35. The stock’s 50-day moving average price is $7.25 and its 200 day moving average price is $6.94.

Insiders Place Their Bets

In related news, insider Bonny W. Simi sold 9,695 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the transaction, the insider now owns 146,941 shares of the company’s stock, valued at $996,259.98. This represents a 6.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kate Dehoff sold 6,205 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.10, for a total transaction of $50,260.50. Following the transaction, the insider now owns 215,947 shares of the company’s stock, valued at approximately $1,749,170.70. This represents a 2.79 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,191,832 shares of company stock worth $9,796,214. 32.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently modified their holdings of the stock. Bouvel Investment Partners LLC grew its position in Joby Aviation by 1.4% in the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after acquiring an additional 1,715 shares during the period. NewEdge Advisors LLC grew its holdings in shares of Joby Aviation by 9.9% in the 4th quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock worth $175,000 after purchasing an additional 1,935 shares during the last quarter. Gallagher Fiduciary Advisors LLC increased its position in shares of Joby Aviation by 3.1% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock worth $543,000 after purchasing an additional 2,000 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after purchasing an additional 2,065 shares during the last quarter. Finally, Private Advisor Group LLC boosted its position in Joby Aviation by 6.6% in the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after buying an additional 2,261 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.