Joby Aviation (NYSE:JOBY) Trading Down 1.9% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) dropped 1.9% during mid-day trading on Tuesday . The company traded as low as $8.63 and last traded at $8.6930. Approximately 28,293,114 shares were traded during mid-day trading, an increase of 6% from the average daily volume of 26,789,314 shares. The stock had previously closed at $8.86.

Analyst Ratings Changes

JOBY has been the subject of a number of research reports. Canaccord Genuity Group reiterated a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a report on Tuesday, February 3rd. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Wall Street Zen lowered shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Tuesday, April 28th. Finally, Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $13.81.

Joby Aviation Trading Down 1.9%

The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -7.63 and a beta of 2.61. The business’s 50-day simple moving average is $9.18 and its two-hundred day simple moving average is $12.34.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million for the quarter, compared to analyst estimates of $16.88 million. The business’s revenue for the quarter was up 5506.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.34) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Eric Allison sold 27,698 shares of the firm’s stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $8.20, for a total transaction of $227,123.60. Following the completion of the sale, the insider owned 750,852 shares of the company’s stock, valued at $6,156,986.40. This trade represents a 3.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Didier Papadopoulos sold 3,394 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $8.76, for a total transaction of $29,731.44. Following the sale, the insider directly owned 144,284 shares of the company’s stock, valued at approximately $1,263,927.84. This trade represents a 2.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 1,766,026 shares of company stock worth $17,301,065. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of JOBY. Vanguard Group Inc. grew its position in shares of Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after buying an additional 5,828,189 shares during the period. Man Group plc acquired a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $40,283,000. Norges Bank acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $32,269,000. Clear Street Group Inc. acquired a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $36,264,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Joby Aviation by 80.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock worth $44,672,000 after buying an additional 1,512,094 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.