Joby Aviation (NYSE:JOBY) Shares Down 4.2% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 4.2% during trading on Friday . The company traded as low as $6.11 and last traded at $6.16. 2,860,489 shares traded hands during trading, a decline of 73% from the average session volume of 10,699,954 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

JOBY has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The stock’s fifty day simple moving average is $7.25 and its 200-day simple moving average is $6.93. The firm has a market cap of $4.82 billion, a PE ratio of -8.75 and a beta of 2.35.

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the sale, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Cahill Sciarra sold 333,332 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the transaction, the director now owns 58,994,729 shares in the company, valued at $471,957,832. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,191,832 shares of company stock worth $9,796,214. 32.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Larson Financial Group LLC increased its position in shares of Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Whittier Trust Co. purchased a new stake in Joby Aviation in the fourth quarter valued at $38,000. Salem Investment Counselors Inc. raised its holdings in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock valued at $41,000 after buying an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA acquired a new position in shares of Joby Aviation in the 4th quarter worth approximately $41,000. Finally, Toronto Dominion Bank acquired a new position in Joby Aviation during the fourth quarter worth $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.