Joby Aviation (NYSE:JOBY) Stock Price Down 4.2% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 4.2% during mid-day trading on Friday . The company traded as low as $6.11 and last traded at $6.16. 2,860,489 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 10,699,954 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

JOBY has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group lifted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Trading Down 4.8 %

The company has a 50 day moving average price of $7.25 and a 200 day moving average price of $6.93. The firm has a market cap of $4.82 billion, a PE ratio of -8.75 and a beta of 2.35.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the sale, the chief executive officer now owns 768,293 shares in the company, valued at approximately $6,207,807.44. This represents a 3.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Cahill Sciarra sold 333,334 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the transaction, the director now directly owns 58,661,395 shares of the company’s stock, valued at $470,464,387.90. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,191,832 shares of company stock worth $9,796,214 over the last 90 days. 32.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC acquired a new position in Joby Aviation in the third quarter valued at $518,000. Larson Financial Group LLC grew its stake in shares of 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 acquiring an additional 5,000 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Joby Aviation during the 3rd quarter worth approximately $79,000. Verition Fund Management LLC increased its stake in shares of Joby Aviation by 118.9% in the third quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock worth $394,000 after buying an additional 42,544 shares during the last quarter. Finally, Fred Alger Management LLC raised its stake in shares of Joby Aviation by 89.4% in the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company’s stock valued at $621,000 after purchasing an additional 58,229 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.