Joby Aviation (NYSE:JOBY) Shares Down 6.1% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 6.1% during trading on Friday . The stock traded as low as $5.56 and last traded at $5.66. Approximately 5,821,897 shares were traded during trading, a decline of 48% from the average daily volume of 11,162,313 shares. The stock had previously closed at $6.02.

Wall Street Analysts Forecast Growth

JOBY has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group increased their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Morgan Stanley restated an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research note on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.58.

Joby Aviation Trading Down 1.8 %

The firm has a market cap of $4.66 billion, a price-to-earnings ratio of -8.45 and a beta of 2.35. The stock’s fifty day moving average price is $6.62 and its 200-day moving average price is $6.96.

Insider Buying and Selling at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction 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 completion of the transaction, the director now directly owns 58,994,729 shares in the company, valued at approximately $471,957,832. This trade 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 Kate Dehoff sold 9,720 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total value of $58,320.00. Following the transaction, the insider now directly owns 219,366 shares of the company’s stock, valued at approximately $1,316,196. This represents a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,171,610 shares of company stock valued at $8,602,385 over the last quarter. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of JOBY. State Street Corp boosted its stake in Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after purchasing an additional 812,248 shares during the period. EP Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after buying an additional 5,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares during the last quarter. Tidal Investments LLC increased its position in Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock valued at $147,000 after acquiring an additional 3,522 shares during the period. Finally, Everence Capital Management Inc. purchased a new stake in Joby Aviation during the 4th quarter valued at approximately $142,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.