Joby Aviation (NYSE:JOBY) Trading Down 4.7% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) traded down 4.7% on Thursday . The company traded as low as $12.99 and last traded at $13.0240. 26,172,302 shares were traded during mid-day trading, a decline of 3% from the average session volume of 27,115,777 shares. The stock had previously closed at $13.67.

Analyst Ratings Changes

JOBY has been the subject of several recent research reports. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Canaccord Genuity Group downgraded shares of Joby Aviation from a “buy” rating to a “hold” rating and upped their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. Morgan Stanley boosted their price objective on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Joby Aviation presently has an average rating of “Reduce” and a consensus target price of $14.00.

Joby Aviation Stock Up 0.4%

The firm has a market capitalization of $11.94 billion, a price-to-earnings ratio of -9.77 and a beta of 2.52. The stock has a 50 day moving average of $15.93 and a 200 day moving average of $13.37.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The business had revenue of $22.57 million during the quarter, compared to analysts’ expectations of $0.02 million. The firm’s quarterly revenue was up 7962.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.21) EPS. Analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, insider Didier Papadopoulos sold 15,439 shares of Joby Aviation stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $16.78, for a total value of $259,066.42. Following the completion of the transaction, the insider owned 103,206 shares of the company’s stock, valued at $1,731,796.68. The trade was a 13.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kate Dehoff sold 52,907 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $15.76, for a total transaction of $833,814.32. Following the sale, the insider directly owned 149,369 shares in the company, valued at $2,354,055.44. This trade represents a 26.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,654,022 shares of company stock valued at $25,019,336 over the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently added to or reduced their stakes in the stock. Toyota Motor Corp boosted its holdings in shares of Joby Aviation by 63.1% during the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares during the period. Vanguard Group Inc. lifted its position in Joby Aviation by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after purchasing an additional 5,828,189 shares during the last quarter. Geode Capital Management LLC boosted its stake in Joby Aviation by 5.4% during the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock valued at $117,230,000 after purchasing an additional 573,328 shares during the period. State Street Corp grew its position in Joby Aviation by 3.0% in the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock worth $109,636,000 after purchasing an additional 305,109 shares during the last quarter. Finally, Rheos Capital Works Inc. increased its stake in shares of Joby Aviation by 58.2% in the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock valued at $76,013,000 after purchasing an additional 2,650,000 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

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.