Joby Aviation (NYSE:JOBY) Shares Gap Down - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $9.49, but opened at $8.98. Joby Aviation shares last traded at $8.89, with a volume of 5,858,521 shares traded.

Analyst Ratings Changes

JOBY has been the topic of several research analyst reports. HC Wainwright reissued a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. downgraded Joby Aviation from a "neutral" rating to an "underweight" rating and boosted their price target for the company from $5.00 to $6.00 in a research note on Friday. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They set a "buy" rating and a $8.00 price target for the company. Finally, Canaccord Genuity Group raised their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a report on Wednesday. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, Joby Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Price Performance

The firm has a market cap of $6.70 billion, a PE ratio of -12.51 and a beta of 2.33. The business has a 50-day simple moving average of $7.64 and a 200 day simple moving average of $6.20.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million during the quarter, compared to analysts' expectations of $0.06 million. During the same period in the prior year, the company posted ($0.13) earnings per share. On average, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Eric Allison sold 27,817 shares of the business's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the transaction, the insider now owns 463,151 shares of the company's stock, valued at approximately $2,575,119.56. The trade was a 5.67 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the firm's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the transaction, the insider now directly owns 54,776 shares of the company's stock, valued at $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 355,160 shares of company stock worth $3,177,342 in the last three months. Company insiders own 32.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in JOBY. Tidal Investments LLC lifted its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company's stock valued at $147,000 after purchasing an additional 3,522 shares during the last quarter. Kensington Investment Counsel LLC lifted its holdings in shares of Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company's stock valued at $172,000 after acquiring an additional 3,653 shares during the last quarter. Amalgamated Bank grew its position in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company's stock worth $71,000 after acquiring an additional 4,391 shares in the last quarter. Larson Financial Group LLC grew its position in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company's stock worth $37,000 after acquiring an additional 5,000 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its position in Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company's stock valued at $188,000 after purchasing an additional 5,000 shares during the period. 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.