Joby Aviation (NYSE:JOBY) Stock Price Down 1.9% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) traded down 1.9% during mid-day trading on Tuesday . The company traded as low as $7.37 and last traded at $7.68. 7,110,762 shares were traded during trading, a decline of 46% from the average session volume of 13,211,982 shares. The stock had previously closed at $7.83.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, December 18th. 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 report on Wednesday, January 8th. Needham & Company LLC boosted their price target 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. Finally, JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $5.00 to $6.00 in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Stock Down 4.9 %

The business’s 50-day moving average price is $8.36 and its 200 day moving average price is $6.56. The company has a market capitalization of $5.70 billion, a P/E ratio of -10.63 and a beta of 2.33.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 333,334 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the transaction, the director now owns 58,661,395 shares of the company’s stock, valued at $470,464,387.90. This represents a 0.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now directly owns 137,097 shares of the company’s stock, valued at $1,142,018.01. This represents a 18.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,005,672 shares of company stock worth $8,537,389 in the last three months. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. boosted its stake in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after buying an additional 2,281,161 shares in the last quarter. State Street Corp boosted its stake in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after purchasing an additional 812,248 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 valued at $47,245,000 after purchasing an additional 670,852 shares during the last quarter. ARK Investment Management LLC raised its position in Joby Aviation by 22.2% in the 4th quarter. ARK Investment Management LLC now owns 3,388,791 shares of the company’s stock worth $27,551,000 after purchasing an additional 616,193 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company’s stock valued at $31,661,000 after buying an additional 361,520 shares during the period. 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.