Joby Aviation (NYSE:JOBY) Stock Price Down 0.6% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 0.6% during mid-day trading on Tuesday . The company traded as low as $8.09 and last traded at $8.18. Approximately 2,388,737 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 14,928,682 shares. The stock had previously closed at $8.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price objective for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. Canaccord Genuity Group lifted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC increased their price objective on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Performance

The stock’s 50 day simple moving average is $8.25 and its 200-day simple moving average is $6.46. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of -12.01 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $0.28 million during 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 business earned ($0.13) EPS. On average, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In related news, 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 sale, the insider now directly owns 50,902 shares of the company’s stock, valued at $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares of the company’s stock, valued at $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 672,338 shares of company stock worth $5,864,050 over the last quarter. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in the company. Amalgamated Bank increased its holdings in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after buying an additional 4,391 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Joby Aviation by 142.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,200 shares of the company’s stock valued at $129,000 after purchasing an additional 14,805 shares in the last quarter. Hsbc Holdings PLC boosted its position in Joby Aviation by 27.9% during the second quarter. Hsbc Holdings PLC now owns 160,151 shares of the company’s stock worth $802,000 after purchasing an additional 34,890 shares in the last quarter. Xponance Inc. grew its holdings in Joby Aviation by 52.0% in the second quarter. Xponance Inc. now owns 25,614 shares of the company’s stock valued at $131,000 after purchasing an additional 8,759 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after buying an additional 55,340 shares in the last quarter. 52.85% of the stock is currently 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.