Joby Aviation (NYSE:JOBY) Shares Down 3.5% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 3.5% during mid-day trading on Wednesday . The company traded as low as $7.62 and last traded at $7.66. Approximately 4,118,353 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 13,117,670 shares. The stock had previously closed at $7.94.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on JOBY. JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price target for the company from $5.00 to $6.00 in a research report on Friday, January 10th. 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 report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group upped their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Performance

The firm has a market cap of $5.96 billion, a P/E ratio of -11.13 and a beta of 2.33. The firm has a 50 day simple moving average of $8.29 and a 200 day simple moving average of $6.62.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kate Dehoff sold 6,903 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $7.43, for a total value of $51,289.29. Following the completion of the transaction, the insider now owns 202,276 shares in the company, valued at $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 90 days, insiders sold 1,025,284 shares of company stock valued at $8,683,241. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. bought a new stake in shares of Joby Aviation during the 4th quarter worth $38,000. Allworth Financial LP raised its position in Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after purchasing an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in Joby Aviation during the fourth quarter worth about $41,000. Toronto Dominion Bank purchased a new position in shares of Joby Aviation in the 4th quarter worth about $41,000. Finally, Salem Investment Counselors Inc. increased its position in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after purchasing an additional 5,000 shares during the last quarter. 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.