Joby Aviation (NYSE:JOBY) Shares Gap Down – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $6.04, but opened at $5.16. Joby Aviation shares last traded at $5.18, with a volume of 28,880,090 shares trading hands.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.50 target price on shares of Joby Aviation in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th.

Joby Aviation Stock Down 12.3 %

The firm has a 50-day moving average of $5.32 and a two-hundred day moving average of $5.28. The company has a market capitalization of $3.80 billion, a PE ratio of -10.75 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. Equities analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 sale, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 525,499 shares of company stock worth $2,667,151 over the last three months. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Caprock Group LLC acquired a new position in Joby Aviation during the first quarter worth $239,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Joby Aviation by 215.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock worth $1,965,000 after purchasing an additional 270,794 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Joby Aviation by 84.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after purchasing an additional 92,508 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Joby Aviation in the 1st quarter valued at approximately $324,000. Finally, ProShare Advisors LLC raised its position in shares of Joby Aviation by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after buying an additional 3,942 shares during the period. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.