Joby Aviation (NYSE:JOBY) Trading Down 3% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 3% during trading on Thursday . The stock traded as low as $4.82 and last traded at $4.84. Approximately 6,183,664 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 6,832,232 shares. The stock had previously closed at $4.99.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on JOBY. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, October 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research report on Tuesday.

Joby Aviation Stock Down 2.6 %

The firm’s 50-day simple moving average is $5.32 and its 200-day simple moving average is $5.29. The firm has a market capitalization of $3.48 billion, a PE ratio of -9.88 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.28 million. During the same quarter in the prior year, the business posted ($0.17) EPS. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other news, Director Paul Cahill Sciarra sold 166,666 shares of Joby Aviation stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the transaction, the chief executive officer now owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul Cahill Sciarra sold 166,666 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the completion of the transaction, the director now directly owns 59,828,059 shares in the company, valued at $308,114,503.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 525,499 shares of company stock worth $2,667,151 over the last quarter. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its holdings in Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the period. Sound Income Strategies LLC increased its stake in Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares during the period. Integris Wealth Management LLC purchased a new stake in Joby Aviation in the 2nd quarter valued at about $54,000. Dakota Wealth Management purchased a new position in shares of Joby Aviation during the second quarter worth approximately $56,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new stake in shares of Joby Aviation in the 2nd quarter worth $57,000. 45.54% 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.