Joby Aviation (NYSE:JOBY) Trading Down 2.6% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) shares fell 2.6% during mid-day trading on Thursday . The company traded as low as $7.23 and last traded at $7.40. 4,744,415 shares changed hands during trading, a decline of 64% from the average session volume of 13,122,309 shares. The stock had previously closed at $7.59.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC lifted their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. downgraded Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Trading Down 6.6 %

The stock’s fifty day moving average is $8.27 and its two-hundred day moving average is $6.65. The company has a market capitalization of $5.34 billion, a PE ratio of -9.96 and a beta of 2.33.

Insider Buying and Selling at Joby Aviation

In related news, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the sale, the insider now directly owns 29,235 shares in the company, valued at approximately $236,218.80. The trade was a 20.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 7,692 shares of the 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 transaction, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. This represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,023,005 shares of company stock worth $8,667,288 over the last three months. 32.40% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the business. Toyota Motor Corp purchased a new position in Joby Aviation in the 4th quarter valued at approximately $640,259,000. Uber Technologies Inc bought a new position in shares of Joby Aviation in the fourth quarter worth $207,842,000. Vanguard Group Inc. grew its position in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Joby Aviation by 331.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in Joby Aviation by 4.3% during the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares in the last quarter. Institutional investors own 52.85% of the company’s stock.

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.