Joby Aviation (NYSE:JOBY) Stock Price Down 4.7% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) fell 4.7% on Friday . The stock traded as low as $8.64 and last traded at $9.04. 10,381,774 shares changed hands during trading, a decline of 46% from the average session volume of 19,271,301 shares. The stock had previously closed at $9.49.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $5.00 to $6.00 in a report on Friday. Canaccord Genuity Group raised 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. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Trading Down 7.7 %

The business has a fifty day moving average price of $7.64 and a 200 day moving average price of $6.21. The firm has a market cap of $6.70 billion, a PE ratio of -12.51 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The business had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the previous year, the business posted ($0.13) earnings per share. On average, research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kate Dehoff sold 27,898 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the transaction, the insider now owns 199,413 shares in the company, valued at approximately $1,096,771.50. This trade represents a 12.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 355,160 shares of company stock valued at $3,177,342 over the last quarter. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in Joby Aviation by 59.6% during the 2nd quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock worth $277,000 after acquiring an additional 20,280 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Joby Aviation by 67.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock worth $522,000 after purchasing an additional 41,128 shares during the last quarter. Rhumbline Advisers grew its position in shares of Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after buying an additional 115,483 shares in the last quarter. Choreo LLC acquired a new stake in Joby Aviation in the second quarter valued at $60,000. Finally, Amalgamated Bank increased its position in shares of Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after purchasing an additional 4,391 shares during the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.