Joby Aviation (NYSE:JOBY) Stock Price Down 0.6% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 0.6% during trading on Tuesday . The stock traded as low as $8.09 and last traded at $8.18. Approximately 2,388,737 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 14,928,682 shares. The stock had previously closed at $8.23.

Analysts Set New Price Targets

Several brokerages recently issued reports on JOBY. Needham & Company LLC lifted their target price on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Canaccord Genuity Group upped their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the company from $5.00 to $6.00 in a research report on Friday, January 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $9.30.

Joby Aviation Price Performance

The firm has a market cap of $6.32 billion, a PE ratio of -11.79 and a beta of 2.33. The business’s fifty day moving average is $8.34 and its 200-day moving average is $6.49.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $0.06 million. During the same period last year, the firm posted ($0.13) EPS. Analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In other news, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The stock was sold at an average price of $7.65, for a total value of $45,938.25. Following the completion of the transaction, the insider now directly owns 54,776 shares in the company, valued at approximately $419,036.40. The trade was a 9.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 31,489 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total value of $262,303.37. Following the sale, the insider now directly owns 137,097 shares in the company, valued at $1,142,018.01. This trade represents a 18.68 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 672,338 shares of company stock worth $5,864,050. 32.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the company. Allworth Financial LP boosted its holdings in Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after purchasing an additional 3,320 shares during the period. Rhumbline Advisers raised its position in shares of Joby Aviation by 8.6% in the fourth quarter. Rhumbline Advisers now owns 594,419 shares of the company’s stock worth $4,833,000 after buying an additional 47,070 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new stake in Joby Aviation during the fourth quarter valued at $41,000. Entropy Technologies LP purchased a new position in Joby Aviation during the fourth quarter worth about $300,000. Finally, Empowered Funds LLC increased its stake in Joby Aviation by 32.7% in the 4th quarter. Empowered Funds LLC now owns 13,409 shares of the company’s stock worth $109,000 after acquiring an additional 3,308 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors.

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.