Joby Aviation (NYSE:JOBY) Stock Price Down 2.8% - Time to Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded down 2.8% on Monday . The stock traded as low as $8.49 and last traded at $8.59. 10,458,399 shares were traded during mid-day trading, an increase of 25% from the average session volume of 8,343,823 shares. The stock had previously closed at $8.84.

Analyst Ratings Changes

JOBY has been the topic of several recent analyst reports. Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a "buy" rating and a $8.00 price objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a "buy" rating for the company in a report on Tuesday, October 29th. JPMorgan Chase & Co. dropped their target price on shares of Joby Aviation from $6.00 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, October 29th. Finally, HC Wainwright reiterated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $8.35.

Joby Aviation Trading Down 2.3 %

The company's 50 day moving average price is $6.15 and its two-hundred day moving average price is $5.60. The firm has a market cap of $6.61 billion, a PE ratio of -12.27 and a beta of 2.31.

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

Insiders Place Their Bets

In other news, insider Gregory Bowles sold 7,748 shares of the business's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Matthew Field sold 5,643 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $5.96, for a total value of $33,632.28. Following the sale, the insider now owns 293,143 shares of the company's stock, valued at $1,747,132.28. This represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 535,526 shares of company stock worth $2,745,708. Company insiders own 32.40% of the company's stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Flaharty Asset Management LLC increased its stake in Joby Aviation by 25.0% in the 2nd quarter. Flaharty Asset Management LLC now owns 15,000 shares of the company's stock worth $76,000 after acquiring an additional 3,000 shares during the last quarter. 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 grew its stake 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 worth $172,000 after buying an additional 3,653 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Joby Aviation by 46.2% in the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company's stock worth $71,000 after buying an additional 4,391 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Joby Aviation by 218.3% in the 3rd 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 during the last quarter. Institutional investors own 52.85% of the company's stock.

About Joby Aviation

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.