Joby Aviation (NYSE:JOBY) Trading Down 1.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 1.5% during trading on Thursday . The company traded as low as $6.32 and last traded at $6.39. Approximately 2,603,620 shares traded hands during trading, a decline of 75% from the average daily volume of 10,590,256 shares. The stock had previously closed at $6.49.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on JOBY. JPMorgan Chase & Co. lowered their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group boosted 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, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Trading Up 5.1 %

The firm has a market cap of $5.24 billion, a price-to-earnings ratio of -9.51 and a beta of 2.35. The stock’s 50 day moving average is $7.41 and its 200 day moving average is $6.86.

Insider Transactions at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,332 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was 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 approximately $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kate Dehoff sold 6,205 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $8.10, for a total transaction of $50,260.50. Following the sale, the insider now owns 215,947 shares in the company, valued at $1,749,170.70. The trade was a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,015,470 shares of company stock worth $8,600,479 over the last quarter. Company insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC increased its stake in Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares during the last quarter. Whittier Trust Co. bought a new position in shares of Joby Aviation in the 4th quarter valued at $38,000. Salem Investment Counselors Inc. raised its holdings in shares of Joby Aviation by 5,000.0% during 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 in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in shares of Joby Aviation during the 4th quarter worth $41,000. Finally, Toronto Dominion Bank acquired a new stake in Joby Aviation in the fourth quarter valued at about $41,000. Institutional investors own 52.85% 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.