Joby Aviation (NYSE:JOBY) Shares Down 2% – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 2% during trading on Tuesday . The company traded as low as $6.58 and last traded at $6.64. 2,063,574 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 10,692,852 shares. The stock had previously closed at $6.77.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on JOBY shares. Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Performance

The firm has a 50 day simple moving average of $7.33 and a 200 day simple moving average of $6.91. The firm has a market cap of $5.06 billion, a P/E ratio of -9.18 and a beta of 2.35.

Insider Activity at Joby Aviation

In related news, CEO Joeben Bevirt sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares of the company’s stock, valued at approximately $470,464,387.90. This trade represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,191,832 shares of company stock valued at $9,796,214. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC boosted its stake in Joby Aviation by 218.3% during the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Joby Aviation in the 4th quarter worth $38,000. Salem Investment Counselors Inc. increased its holdings in shares of Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after buying an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. Finally, Toronto Dominion Bank bought a new position in shares of Joby Aviation in the 4th quarter valued at about $41,000. 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.