Joby Aviation (NYSE:JOBY) Shares Down 2.4% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 2.4% during trading on Monday . The stock traded as low as $7.68 and last traded at $8.07. 5,530,140 shares changed hands during trading, a decline of 60% from the average session volume of 13,799,905 shares. The stock had previously closed at $8.26.

Wall Street Analyst Weigh In

JOBY has been the subject of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC upped their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Up 0.3 %

The firm’s fifty day moving average is $8.39 and its two-hundred day moving average is $6.52. The firm has a market cap of $6.15 billion, a P/E ratio of -11.49 and a beta of 2.33.

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

Insider Activity

In related news, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $509,020. This trade represents a 13.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares in the company, valued at $470,464,387.90. This trade represents a 0.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,005,672 shares of company stock worth $8,537,389 in the last quarter. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of JOBY. Intech Investment Management LLC bought a new stake in shares of Joby Aviation during the third quarter valued at approximately $518,000. Rheos Capital Works Inc. boosted its stake in Joby Aviation by 17.0% during the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company’s stock valued at $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Fred Alger Management LLC raised its stake in shares of Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock worth $621,000 after purchasing an additional 58,229 shares during the last quarter. Hamilton Lane Advisors LLC bought a new position in shares of Joby Aviation during the fourth quarter valued at $418,000. Finally, Caprock Group LLC increased its holdings in Joby Aviation by 179.5% in the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after buying an additional 79,896 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.