Joby Aviation (NYSE:JOBY) Shares Down 9.8% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 9.8% during trading on Tuesday . The stock traded as low as $14.66 and last traded at $14.7250. Approximately 39,407,024 shares traded hands during trading, an increase of 46% from the average daily volume of 26,913,326 shares. The stock had previously closed at $16.32.

Analyst Upgrades and Downgrades

JOBY has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. HC Wainwright cut Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and upped their price target for the company from $12.00 to $17.00 in a report on Thursday, August 7th. Zacks Research cut Joby Aviation from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. upped their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Friday. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Joby Aviation presently has an average rating of “Reduce” and an average price target of $12.00.

Joby Aviation Price Performance

The company has a market cap of $12.60 billion, a P/E ratio of -13.76 and a beta of 2.52. The company has a fifty day simple moving average of $15.70 and a 200-day simple moving average of $12.65.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. During the same quarter in the prior year, the company earned ($0.18) earnings per share. The business’s quarterly revenue was down 94.6% compared to the same quarter last year. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Eric Allison sold 27,537 shares of the business’s stock in a transaction on Monday, October 13th. The shares were sold at an average price of $16.84, for a total transaction of $463,723.08. Following the transaction, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. The trade was a 3.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Bonny W. Simi sold 173,456 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the transaction, the insider owned 211,397 shares in the company, valued at approximately $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,830,880 shares of company stock worth $28,060,985 over the last 90 days. 28.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently modified their holdings of the stock. Asset Planning Inc grew its holdings in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after acquiring an additional 700 shares in the last quarter. Canton Hathaway LLC purchased a new position in shares of Joby Aviation during the 3rd quarter valued at $29,000. Hilltop National Bank purchased a new position in shares of Joby Aviation during the 3rd quarter valued at $32,000. EverSource Wealth Advisors LLC boosted its holdings in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock worth $27,000 after purchasing an additional 1,880 shares in the last quarter. Finally, Mather Group LLC. bought a new stake in Joby Aviation in the third quarter worth $41,000. 52.85% of the stock is currently owned by hedge funds and other 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.