Joby Aviation (NYSE:JOBY) Stock Price Down 3.5% – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 3.5% during trading on Wednesday . The stock traded as low as $7.62 and last traded at $7.66. 4,118,353 shares changed hands during trading, a decline of 69% from the average session volume of 13,117,670 shares. The stock had previously closed at $7.94.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their price objective for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Needham & Company LLC increased their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Down 2.0 %

The stock has a market cap of $5.96 billion, a PE ratio of -11.13 and a beta of 2.33. The business’s 50-day simple moving average is $8.29 and its 200-day simple moving average is $6.62.

Insider Buying and Selling

In related news, insider Bonny W. Simi sold 31,489 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the completion of the transaction, the insider now owns 137,097 shares in the company, valued at $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joeben Bevirt sold 10,785 shares of Joby Aviation stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total transaction of $80,132.55. Following the completion of the sale, the chief executive officer now owns 793,036 shares in the company, valued at approximately $5,892,257.48. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,025,284 shares of company stock valued at $8,683,241 over the last ninety days. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Institutional investors and hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new position in Joby Aviation in the second quarter worth about $81,000. Creative Planning grew its holdings in shares of Joby Aviation by 86.2% during the 3rd quarter. Creative Planning now owns 55,446 shares of the company’s stock worth $279,000 after acquiring an additional 25,672 shares during the period. Private Advisor Group LLC raised its position in shares of Joby Aviation by 45.3% in the 3rd quarter. Private Advisor Group LLC now owns 34,513 shares of the company’s stock worth $174,000 after acquiring an additional 10,765 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Joby Aviation by 403.0% in the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company’s stock valued at $58,000 after purchasing an additional 9,188 shares during the period. Finally, Modera Wealth Management LLC boosted its position in shares of Joby Aviation by 46.9% during the third quarter. Modera Wealth Management LLC now owns 23,500 shares of the company’s stock valued at $118,000 after purchasing an additional 7,500 shares in the last quarter. 52.85% of the stock is 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.