Joby Aviation (NYSE:JOBY) Trading Down 6.1% - Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded down 6.1% during trading on Friday . The stock traded as low as $5.56 and last traded at $5.66. 5,821,897 shares were traded during mid-day trading, a decline of 48% from the average session volume of 11,162,313 shares. The stock had previously closed at $6.02.

Wall Street Analyst Weigh In

Several analysts recently issued reports on JOBY shares. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 target price (down from $10.00) on shares of Joby Aviation in a research note on Friday. Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. dropped their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. Finally, Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $8.58.

Joby Aviation Stock Down 2.6 %

The company has a 50 day simple moving average of $6.58 and a 200 day simple moving average of $6.98. The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -8.38 and a beta of 2.35.

Remove Ads

Insider Buying and Selling at Joby Aviation

In other news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the sale, the chief executive officer now owns 32,275,793 shares in the company, valued at $190,104,420.77. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares of the company's stock, valued at $470,464,387.90. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 832,073 shares of company stock worth $5,885,469. Insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Toyota Motor Corp bought a new position in Joby Aviation during the fourth quarter valued at $640,259,000. Baillie Gifford & Co. boosted its stake in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after acquiring an additional 2,281,161 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after acquiring an additional 6,388,232 shares in the last quarter. Uber Technologies Inc purchased a new stake in shares of Joby Aviation during the fourth quarter valued at $207,842,000. Finally, Geode Capital Management LLC increased its holdings in Joby Aviation by 8.7% in the 4th quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock worth $83,015,000 after buying an additional 817,638 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.