Joby Aviation (NYSE:JOBY) Trading Down 4.7% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares were down 4.7% on Thursday . The stock traded as low as $12.99 and last traded at $13.0240. Approximately 26,172,302 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 27,115,777 shares. The stock had previously closed at $13.67.

Wall Street Analysts Forecast Growth

JOBY has been the topic of several research reports. Wall Street Zen lowered shares of Joby Aviation from a “hold” rating to a “sell” rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Morgan Stanley boosted their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. HC Wainwright lowered Joby Aviation from a “buy” rating to a “neutral” rating in a report on Thursday, August 7th. Finally, Canaccord Genuity Group cut Joby Aviation from a “buy” rating to a “hold” rating and lifted their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Joby Aviation currently has a consensus rating of “Reduce” and an average price target of $14.00.

Joby Aviation Stock Performance

The company’s 50 day simple moving average is $15.96 and its 200-day simple moving average is $13.33. The firm has a market capitalization of $11.88 billion, a PE ratio of -9.72 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. Joby Aviation’s quarterly revenue was up 7962.1% on a year-over-year basis. During the same period in the prior year, the business earned ($0.21) EPS. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other news, insider Kate Dehoff sold 52,907 shares of Joby Aviation stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $15.76, for a total transaction of $833,814.32. Following the completion of the sale, the insider owned 149,369 shares in the company, valued at approximately $2,354,055.44. This trade represents a 26.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul Cahill Sciarra sold 500,001 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $14.30, for a total value of $7,150,014.30. Following the transaction, the director directly owned 56,328,057 shares of the company’s stock, valued at $805,491,215.10. The trade was a 0.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,657,424 shares of company stock valued at $25,068,869 over the last 90 days. Insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Joby Aviation by 5.4% during the 1st quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company’s stock worth $8,118,000 after acquiring an additional 69,464 shares during the last quarter. Arizona State Retirement System raised its position in Joby Aviation by 5.6% during the first quarter. Arizona State Retirement System now owns 54,864 shares of the company’s stock valued at $330,000 after purchasing an additional 2,906 shares in the last quarter. HighPoint Advisor Group LLC bought a new stake in Joby Aviation during the first quarter worth about $67,000. Choreo LLC bought a new stake in Joby Aviation during the first quarter worth about $61,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Joby Aviation by 7.3% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 328,790 shares of the company’s stock worth $1,979,000 after purchasing an additional 22,268 shares in the last quarter. 52.85% of the stock is currently owned by 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.