Joby Aviation (NYSE:JOBY) Trading Down 1.9% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $5.00 to $6.00 in a report on Friday, January 10th. 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 report on Wednesday, January 8th. Finally, Needham & Company LLC raised their target price on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Trading Down 4.9 %

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

Insiders Place Their Bets

In related news, Director Paul Cahill Sciarra sold 333,332 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the transaction, the director now owns 58,994,729 shares in the company, valued at $471,957,832. The trade was a 0.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the sale, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,005,672 shares of company stock worth $8,537,389 over the last three months. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC increased its holdings in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Whittier Trust Co. bought a new stake in Joby Aviation in the 4th quarter worth about $38,000. Salem Investment Counselors Inc. raised its position in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after buying an additional 5,000 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in Joby Aviation during the 4th quarter valued at about $41,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Joby Aviation during the 4th quarter valued at about $42,000. 52.85% of the stock is 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.