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

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 2% during mid-day trading on Tuesday . The stock traded as low as $6.58 and last traded at $6.64. 2,063,574 shares were traded during trading, a decline of 81% from the average session volume of 10,692,852 shares. The stock had previously closed at $6.77.

Analysts Set New Price Targets

JOBY has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. 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 $8.90.

Joby Aviation Stock Performance

The business’s 50-day moving average is $7.38 and its 200-day moving average is $6.90. The company has a market capitalization of $5.26 billion, a PE ratio of -9.54 and a beta of 2.35.

Insider Buying and Selling at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,334 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the transaction, the director now owns 58,661,395 shares in the company, valued at $470,464,387.90. The trade was a 0.57 % 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 6,903 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $51,289.29. Following the sale, the insider now owns 202,276 shares of the company’s stock, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,015,470 shares of company stock valued at $8,600,479. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System lifted its position in Joby Aviation by 1.1% in the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after acquiring an additional 2,065 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Joby Aviation in the fourth quarter worth $121,000. Total Wealth Planning & Management Inc. bought a new position in shares of Joby Aviation during the fourth quarter valued at $285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Joby Aviation during the fourth quarter valued at $2,492,000. Finally, Carolinas Wealth Consulting LLC bought a new stake in Joby Aviation in the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.