Joby Aviation (NYSE:JOBY) Shares Down 2% - Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was down 2% on Monday . The company traded as low as $5.86 and last traded at $5.99. Approximately 3,148,824 shares changed hands during trading, a decline of 71% from the average daily volume of 10,812,815 shares. The stock had previously closed at $6.11.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Down 1.4 %

The company's fifty day moving average is $7.15 and its 200 day moving average is $6.95. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -8.48 and a beta of 2.35.

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Insiders Place Their Bets

In other Joby Aviation news, insider Bonny W. Simi sold 9,695 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the sale, the insider now directly owns 146,941 shares in the company, valued at $996,259.98. This trade represents a 6.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the completion of the transaction, the director now owns 58,494,728 shares in the company, valued at approximately $396,594,255.84. This represents a 0.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,191,832 shares of company stock valued at $9,796,214. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently made changes to their positions in JOBY. Intech Investment Management LLC bought a new stake in Joby Aviation during the 3rd quarter valued at $518,000. Rheos Capital Works Inc. increased its holdings in Joby Aviation by 17.0% in the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock worth $19,553,000 after acquiring an additional 350,000 shares in the last quarter. Fred Alger Management LLC lifted its stake in Joby Aviation by 89.4% in the 3rd quarter. Fred Alger Management LLC now owns 123,368 shares of the company's stock worth $621,000 after purchasing an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC purchased a new position in shares of Joby Aviation during the 4th quarter worth $418,000. Finally, Entropy Technologies LP acquired a new stake in shares of Joby Aviation during the fourth quarter worth about $300,000. 52.85% of the stock is currently 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.