Joby Aviation (NYSE:JOBY) Shares Down 1.1% - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares fell 1.1% during mid-day trading on Thursday . The stock traded as low as $8.18 and last traded at $8.24. 2,593,241 shares changed hands during trading, a decline of 82% from the average session volume of 14,105,863 shares. The stock had previously closed at $8.33.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The firm has a market capitalization of $6.32 billion, a P/E ratio of -11.81 and a beta of 2.33. The company has a 50-day simple moving average of $8.39 and a two-hundred day simple moving average of $6.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly 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 firm had revenue of $0.28 million during the quarter, compared to analysts' expectations of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the previous year, the company earned ($0.13) earnings per share. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares of the company's stock, valued at approximately $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bonny W. Simi sold 31,489 shares of the business's stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total value of $262,303.37. Following the completion of the sale, the insider now directly owns 137,097 shares in the company, valued at approximately $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 672,338 shares of company stock worth $5,864,050 in the last three months. 32.40% of the stock is owned by corporate insiders.

Institutional Trading of Joby Aviation

Several institutional investors have recently bought and sold shares of JOBY. Baillie Gifford & Co. raised its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock worth $447,412,000 after buying an additional 2,281,161 shares during the last quarter. State Street Corp increased its position in shares of Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company's stock valued at $47,144,000 after acquiring an additional 812,248 shares in the last quarter. Geode Capital Management LLC raised its holdings in Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock worth $47,245,000 after acquiring an additional 670,852 shares during the last quarter. Rheos Capital Works Inc. lifted its position in 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 acquiring an additional 350,000 shares in the last quarter. Finally, Holocene Advisors LP boosted its stake in Joby Aviation by 91.7% during the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company's stock valued at $2,622,000 after purchasing an additional 249,375 shares during the last quarter. 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.