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

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

Wall Street Analyst Weigh In

JOBY has been the subject of a number of analyst reports. Canaccord Genuity Group boosted their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Price Performance

The firm’s fifty day simple moving average is $7.33 and its 200 day simple moving average is $6.91. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -9.18 and a beta of 2.35.

Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at $509,020. This represents a 13.13 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,191,832 shares of company stock worth $9,796,214. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in the business. Toyota Motor Corp acquired a new stake in Joby Aviation during the fourth quarter valued at approximately $640,259,000. Baillie Gifford & Co. increased its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during the last quarter. Vanguard Group Inc. increased its stake in 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. Uber Technologies Inc acquired a new position in shares of Joby Aviation in the 4th quarter valued at approximately $207,842,000. Finally, Geode Capital Management LLC increased its holdings in Joby Aviation by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock worth $83,015,000 after purchasing an additional 817,638 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors.

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.