Joby Aviation (NYSE:JOBY) Stock Price Down 0.6% - Here's Why

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

Wall Street Analysts Forecast Growth

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

Joby Aviation Stock Up 3.6 %

The business's fifty day moving average is $8.32 and its 200 day moving average is $6.58. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of -11.22 and a beta of 2.33.

Insider Buying and Selling

In other Joby Aviation news, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the sale, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 $5,892,257.48. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,025,284 shares of company stock worth $8,683,241 over the last ninety days. Company insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Bouvel Investment Partners LLC increased its stake in shares of Joby Aviation by 1.4% during the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company's stock worth $1,007,000 after purchasing an additional 1,715 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Joby Aviation by 9.9% during the 4th quarter. NewEdge Advisors LLC now owns 21,505 shares of the company's stock worth $175,000 after purchasing an additional 1,935 shares in the last quarter. Gallagher Fiduciary Advisors LLC grew its position in shares of Joby Aviation by 3.1% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company's stock worth $543,000 after purchasing an additional 2,000 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Joby Aviation by 6.6% during the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company's stock worth $299,000 after acquiring an additional 2,261 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Joby Aviation by 35.3% during the 4th quarter. Larson Financial Group LLC now owns 9,864 shares of the company's stock worth $80,000 after acquiring an additional 2,574 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.