Joby Aviation (NYSE:JOBY) Trading Down 3.4% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 3.4% during mid-day trading on Thursday . The company traded as low as $5.78 and last traded at $6.05. 3,139,879 shares traded hands during trading, a decline of 72% from the average session volume of 11,122,205 shares. The stock had previously closed at $6.26.

Analysts Set New Price Targets

Several analysts recently issued reports on JOBY shares. JPMorgan Chase & Co. decreased their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Morgan Stanley reiterated an “equal weight” rating and set a $7.00 price target (down from $10.00) on shares of Joby Aviation in a report on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group raised their price target 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.58.

Joby Aviation Stock Down 1.8 %

The stock has a market capitalization of $4.66 billion, a P/E ratio of -8.45 and a beta of 2.35. The firm has a 50-day moving average of $6.62 and a 200 day moving average of $6.96.

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 6,205 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.10, for a total transaction of $50,260.50. Following the completion of the sale, the insider now owns 215,947 shares in the company, valued at $1,749,170.70. This trade represents a 2.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the sale, the chief executive officer now directly owns 32,275,793 shares of the company’s stock, valued at approximately $190,104,420.77. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,171,610 shares of company stock valued at $8,602,385. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently modified their holdings of the stock. Verition Fund Management LLC boosted its holdings in Joby Aviation by 118.9% in the third quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock valued at $394,000 after acquiring an additional 42,544 shares during the last quarter. State Street Corp lifted its position in 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 during the period. EP Wealth Advisors LLC boosted its stake 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 valued at $188,000 after purchasing an additional 5,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in Joby Aviation by 7.7% in 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 during the last quarter. Finally, Tidal Investments LLC grew its holdings in Joby Aviation by 13.7% during the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after acquiring an additional 3,522 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.