Joby Aviation (NYSE:JOBY) Trading Down 0.6% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) traded down 0.6% on Wednesday . The company traded as low as $7.21 and last traded at $7.32. 3,102,941 shares traded hands during trading, a decline of 76% from the average session volume of 13,149,745 shares. The stock had previously closed at $7.36.

Analysts Set New Price Targets

A number of equities analysts have issued reports on JOBY shares. Canaccord Genuity Group upped 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. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. Needham & Company LLC lifted their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Trading Up 0.1 %

The firm’s 50-day simple moving average is $8.35 and its 200 day simple moving average is $6.57. The stock has a market cap of $5.63 billion, a P/E ratio of -10.52 and a beta of 2.33.

Insider Buying and Selling

In other news, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the transaction, the chief executive officer now directly owns 768,293 shares in the company, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares in the company, valued at $470,464,387.90. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,005,672 shares of company stock valued at $8,537,389 in the last three months. 32.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently made changes to their positions in JOBY. CIBC Private Wealth Group LLC grew its holdings in shares of Joby Aviation by 130.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 7,060 shares of the company’s stock worth $57,000 after acquiring an additional 4,000 shares during the last quarter. DnB Asset Management AS lifted its holdings in shares of Joby Aviation by 85.1% in the fourth quarter. DnB Asset Management AS now owns 214,584 shares of the company’s stock valued at $1,745,000 after purchasing an additional 98,678 shares in the last quarter. Norges Bank acquired a new stake in shares of Joby Aviation in the fourth quarter worth $2,786,000. Blair William & Co. IL grew its holdings in shares of Joby Aviation by 1,621.9% during the fourth quarter. Blair William & Co. IL now owns 468,181 shares of the company’s stock valued at $3,806,000 after buying an additional 440,991 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Joby Aviation by 297.8% during the fourth quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 87,758 shares of the company’s stock valued at $713,000 after buying an additional 65,696 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.