Joby Aviation (NYSE:JOBY) Shares Down 0.6% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 0.6% during mid-day trading on Wednesday . The company traded as low as $7.21 and last traded at $7.32. Approximately 3,102,941 shares changed hands during trading, a decline of 76% from the average daily volume of 13,149,745 shares. The stock had previously closed at $7.36.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on JOBY. JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price target for the company from $5.00 to $6.00 in a research note on Friday, January 10th. 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. Needham & Company LLC boosted their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Canaccord Genuity Group upped their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Performance

The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of -10.52 and a beta of 2.33. The business has a 50-day simple moving average of $8.35 and a two-hundred day simple moving average of $6.57.

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 23,886 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 768,293 shares of the company’s stock, valued at $6,207,807.44. This represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction 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 approximately $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,005,672 shares of company stock valued at $8,537,389. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Baillie Gifford & Co. grew its holdings in Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after buying an additional 2,281,161 shares during the period. State Street Corp increased its stake in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after acquiring an additional 670,852 shares during the period. Finally, ARK Investment Management LLC boosted its position in shares of Joby Aviation by 22.2% in the fourth quarter. ARK Investment Management LLC now owns 3,388,791 shares of the company’s stock worth $27,551,000 after acquiring an additional 616,193 shares during the last quarter. Institutional investors and hedge funds 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.