Joby Aviation (NYSE:JOBY) Stock Price Down 3.5% - Here's What Happened

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) were down 3.5% during trading on Wednesday . The stock traded as low as $7.62 and last traded at $7.66. Approximately 4,118,353 shares were traded during trading, a decline of 69% from the average daily volume of 13,117,670 shares. The stock had previously closed at $7.94.

Analyst Ratings Changes

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

Joby Aviation Trading Down 6.6 %

The firm has a market capitalization of $5.34 billion, a PE ratio of -9.96 and a beta of 2.33. The business's 50 day simple moving average is $8.27 and its 200 day simple moving average is $6.65.

Insiders Place Their Bets

In other Joby Aviation news, insider Kate Dehoff sold 6,903 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 value of $51,289.29. Following the completion of the transaction, the insider now directly owns 202,276 shares of the company's stock, valued at $1,502,910.68. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joeben Bevirt sold 23,886 shares of Joby Aviation stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the transaction, the chief executive officer now directly owns 768,293 shares of the company's stock, valued at approximately $6,207,807.44. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,023,005 shares of company stock valued at $8,667,288 in the last three months. Corporate insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently made changes to their positions in JOBY. Creative Planning boosted its stake 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 purchasing an additional 25,672 shares during the period. Private Advisor Group LLC boosted its stake in shares of Joby Aviation by 45.3% during the 3rd quarter. Private Advisor Group LLC now owns 34,513 shares of the company's stock worth $174,000 after purchasing an additional 10,765 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock worth $58,000 after purchasing an additional 9,188 shares during the period. Modera Wealth Management LLC boosted its stake in shares of Joby Aviation by 46.9% during the 3rd quarter. Modera Wealth Management LLC now owns 23,500 shares of the company's stock worth $118,000 after purchasing an additional 7,500 shares during the period. Finally, Fullcircle Wealth LLC boosted its stake in shares of Joby Aviation by 40.0% during the 3rd quarter. Fullcircle Wealth LLC now owns 21,000 shares of the company's stock worth $111,000 after purchasing an additional 6,000 shares during the period. 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.