Joby Aviation (NYSE:JOBY) Stock Price Down 7.3% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) was down 7.3% during trading on Thursday . The stock traded as low as $9.33 and last traded at $9.52. Approximately 18,233,148 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 21,152,533 shares. The stock had previously closed at $10.27.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on JOBY. Needham & Company LLC started coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. Canaccord Genuity Group increased their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a research report on Monday, September 30th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $8.70.

Joby Aviation Stock Performance

The stock has a market cap of $7.28 billion, a PE ratio of -13.60 and a beta of 2.33. The firm’s 50-day moving average is $7.46 and its 200 day moving average is $6.15.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The business had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.06 million. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In related news, insider Didier Papadopoulos sold 6,005 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the sale, the insider now owns 54,776 shares in the company, valued at $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Kate Dehoff sold 27,898 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the transaction, the insider now owns 199,413 shares in the company, valued at $1,096,771.50. The trade was a 12.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 355,160 shares of company stock worth $3,177,342. 32.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in shares of Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares in the last quarter. State Street Corp grew its position in Joby Aviation by 9.5% during 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 during the period. Ieq Capital LLC increased its holdings in Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after buying an additional 1,807,054 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after purchasing an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC boosted its position in shares of Joby Aviation by 1,018.5% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.