Joby Aviation (NYSE:JOBY) Trading Down 1.5% - What's Next?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) traded down 1.5% during trading on Thursday . The stock traded as low as $6.32 and last traded at $6.39. 2,603,620 shares were traded during mid-day trading, a decline of 75% from the average session volume of 10,590,256 shares. The stock had previously closed at $6.49.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group increased their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 price objective 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 issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $8.90.

Joby Aviation Trading Up 1.7 %

The business's fifty day moving average price is $7.41 and its 200-day moving average price is $6.88. The company has a market capitalization of $5.32 billion, a P/E ratio of -9.66 and a beta of 2.35.

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Insiders Place Their Bets

In other news, CEO Joeben Bevirt sold 23,886 shares of the business's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares of the company's stock, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Bonny W. Simi sold 31,489 shares of Joby Aviation 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 transaction, the insider now directly owns 137,097 shares in the company, valued at $1,142,018.01. This trade 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 1,015,470 shares of company stock valued at $8,600,479 over the last 90 days. Insiders own 32.40% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Intech Investment Management LLC bought a new stake in shares of Joby Aviation in the third quarter worth about $518,000. Rheos Capital Works Inc. increased its stake in shares of Joby Aviation by 17.0% during the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after buying an additional 350,000 shares during the period. Fred Alger Management LLC boosted its holdings in Joby Aviation by 89.4% in the third quarter. Fred Alger Management LLC now owns 123,368 shares of the company's stock valued at $621,000 after acquiring an additional 58,229 shares in the last quarter. Hamilton Lane Advisors LLC purchased a new stake in shares of Joby Aviation in the 4th quarter worth about $418,000. Finally, Entropy Technologies LP bought a new position in Joby Aviation in the fourth quarter worth about $300,000. 52.85% of the stock is currently owned by institutional investors.

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.