Joby Aviation (NYSE:JOBY) Shares Down 4.2% - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was down 4.2% on Friday . The company traded as low as $6.11 and last traded at $6.16. Approximately 2,860,489 shares were traded during trading, a decline of 73% from the average daily volume of 10,699,954 shares. The stock had previously closed at $6.43.

Analyst Upgrades and Downgrades

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

Joby Aviation Trading Down 1.1 %

The stock has a market capitalization of $4.76 billion, a PE ratio of -8.64 and a beta of 2.35. The firm's 50-day simple moving average is $7.25 and its two-hundred day simple moving average is $6.94.

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Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares of the company's stock, valued at $6,207,807.44. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $8.33, for a total value of $262,303.37. Following the sale, the insider now owns 137,097 shares of the company's stock, valued at approximately $1,142,018.01. The trade was a 18.68 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,191,832 shares of company stock valued at $9,796,214. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

A number of hedge funds have recently modified their holdings of the company. Intech Investment Management LLC bought a new stake in Joby Aviation in the third quarter valued at about $518,000. Rheos Capital Works Inc. grew its stake in shares of Joby Aviation by 17.0% in the 4th quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after purchasing an additional 350,000 shares during the period. Fred Alger Management LLC raised its holdings in shares of 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 buying an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC bought a new position in shares of Joby Aviation during the 4th quarter worth approximately $418,000. Finally, Entropy Technologies LP acquired a new stake in Joby Aviation in the 4th quarter valued at $300,000. 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.