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

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 3.5% on Monday . The stock traded as low as $6.57 and last traded at $6.74. 6,168,784 shares changed hands during trading, a decline of 53% from the average session volume of 13,147,807 shares. The stock had previously closed at $6.98.

Analyst Upgrades and Downgrades

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

Joby Aviation Stock Performance

The business’s 50 day moving average is $8.25 and its two-hundred day moving average is $6.69. The firm has a market capitalization of $5.18 billion, a PE ratio of -9.68 and a beta of 2.33.

Insider Buying and Selling at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total transaction of $2,666,656.00. Following the completion of the sale, the director now directly owns 58,994,729 shares in the company, valued at approximately $471,957,832. This represents a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the sale, the insider now owns 54,776 shares in the company, valued at $419,036.40. This represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,015,257 shares of company stock valued at $8,604,684 in the last 90 days. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning raised its stake in Joby Aviation by 86.2% during the 3rd quarter. Creative Planning now owns 55,446 shares of the company’s stock worth $279,000 after acquiring an additional 25,672 shares during the period. Private Advisor Group LLC increased its stake in Joby Aviation by 45.3% in the 3rd quarter. Private Advisor Group LLC now owns 34,513 shares of the company’s stock worth $174,000 after buying an additional 10,765 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Joby Aviation by 403.0% in the third quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after acquiring an additional 9,188 shares in the last quarter. Modera Wealth Management LLC boosted its stake in shares of Joby Aviation by 46.9% in the third quarter. Modera Wealth Management LLC now owns 23,500 shares of the company’s stock worth $118,000 after acquiring an additional 7,500 shares during the period. Finally, Fullcircle Wealth LLC grew its position in shares of Joby Aviation by 40.0% during the third quarter. Fullcircle Wealth LLC now owns 21,000 shares of the company’s stock worth $111,000 after purchasing an additional 6,000 shares in 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.