Joby Aviation (NYSE:JOBY) Shares Down 2.2% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 2.2% during mid-day trading on Wednesday . The stock traded as low as $6.01 and last traded at $6.19. Approximately 5,432,719 shares were traded during trading, a decline of 28% from the average daily volume of 7,498,973 shares. The stock had previously closed at $6.33.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on JOBY shares. 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 decreased their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a report on Tuesday, October 29th. 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. JPMorgan Chase & Co. reduced their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, Needham & Company LLC assumed coverage on Joby Aviation in a research report on Tuesday. They issued a “buy” rating and a $8.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus target price of $8.35.

Joby Aviation Stock Up 9.5 %

The firm’s 50-day simple moving average is $5.51 and its 200-day simple moving average is $5.36. The firm has a market capitalization of $5.20 billion, a P/E ratio of -9.70 and a beta of 1.97.

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

Insiders Place Their Bets

In related news, insider Kate Dehoff sold 27,898 shares of the firm’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 transaction of $153,439.00. Following the transaction, the insider now directly owns 199,413 shares in the company, valued at $1,096,771.50. This trade represents a 12.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the completion of the sale, the insider now owns 47,474 shares of the company’s stock, valued at $253,036.42. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 525,499 shares of company stock valued at $2,667,151. 32.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently bought and sold shares of JOBY. Geode Capital Management LLC raised its holdings in shares of Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after acquiring an additional 670,852 shares in the last quarter. Kensington Investment Counsel LLC raised its holdings in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after purchasing an additional 3,653 shares in the last quarter. EP Wealth Advisors LLC lifted its position in shares of Joby Aviation by 15.4% in the 3rd quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after purchasing an additional 5,000 shares during the period. State Street Corp boosted its stake in shares of Joby Aviation by 9.5% during 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. Finally, Holocene Advisors LP increased its position in shares of Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after buying an additional 249,375 shares during the period. Hedge funds and other institutional investors own 45.54% 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.