Joby Aviation (NYSE:JOBY) Trading Down 1.4% - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.4% during trading on Tuesday . The stock traded as low as $5.77 and last traded at $5.94. Approximately 3,495,811 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 12,450,154 shares. The stock had previously closed at $6.02.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on JOBY. 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. lowered their price target on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a report on Thursday, February 27th. 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. Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Price Performance

The firm has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $6.93. The company has a market cap of $4.22 billion, a PE ratio of -7.65 and a beta of 2.35.

Insider Activity at Joby Aviation

In other Joby Aviation news, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the transaction, the chief executive officer now owns 32,275,793 shares of the company's stock, valued at $190,104,420.77. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction on Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the sale, the director now directly owns 58,994,729 shares of the company's stock, valued at approximately $471,957,832. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,425,831 shares of company stock valued at $11,119,208. 32.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently modified their holdings of the stock. Toyota Motor Corp acquired a new position in shares of Joby Aviation in the 4th quarter valued at $640,259,000. Baillie Gifford & Co. boosted 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 valued at $447,412,000 after acquiring an additional 2,281,161 shares during the last quarter. Vanguard Group Inc. grew its position in Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after acquiring an additional 6,388,232 shares during the period. Uber Technologies Inc acquired a new stake in Joby Aviation during the fourth quarter worth about $207,842,000. Finally, Geode Capital Management LLC raised its holdings in shares of 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 purchasing an additional 817,638 shares during the period. 52.85% of the stock is owned by institutional investors and hedge funds.

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.