Joby Aviation (NYSE:JOBY) Shares Down 2.3% - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price dropped 2.3% during mid-day trading on Monday . The company traded as low as $8.16 and last traded at $8.18. Approximately 9,871,001 shares traded hands during trading, a decline of 43% from the average daily volume of 17,184,500 shares. The stock had previously closed at $8.37.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Needham & Company LLC increased their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. cut Joby Aviation from a "neutral" rating to an "underweight" rating and boosted their price objective for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group boosted their target price 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 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $9.30.

Joby Aviation Stock Down 2.3 %

The company's 50 day simple moving average is $7.97 and its 200-day simple moving average is $6.35. The firm has a market cap of $6.25 billion, a P/E ratio of -11.68 and a beta of 2.33.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to the consensus estimate 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 prior year, the business posted ($0.13) earnings per share. Equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.00, for a total transaction 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 $471,957,832. The trade was a 0.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gregory Bowles sold 7,748 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares of the company's stock, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 640,849 shares of company stock valued at $5,601,747. 32.40% of the stock is currently owned by company insiders.

Institutional Trading of Joby Aviation

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in shares of Joby Aviation by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company's stock valued at $47,245,000 after purchasing an additional 670,852 shares in the last quarter. State Street Corp raised its stake in Joby Aviation by 9.5% in the third quarter. State Street Corp now owns 9,372,636 shares of the company's stock worth $47,144,000 after buying an additional 812,248 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company's stock worth $3,453,000 after buying an additional 616,579 shares during the period. Holocene Advisors LP lifted its holdings in Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company's stock worth $2,622,000 after buying an additional 249,375 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in Joby Aviation by 15.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 266,882 shares of the company's stock valued at $1,342,000 after acquiring an additional 34,866 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other 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.