Joby Aviation (NYSE:JOBY) Trading Down 3.3% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 3.3% during trading on Monday . The stock traded as low as $13.55 and last traded at $13.9350. 22,851,853 shares were traded during mid-day trading, a decline of 16% from the average session volume of 27,199,949 shares. The stock had previously closed at $14.41.

Analysts Set New Price Targets

A number of brokerages recently weighed in on JOBY. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. HC Wainwright lowered shares of Joby Aviation from a “buy” rating to a “neutral” rating in a research note on Thursday, August 7th. Canaccord Genuity Group cut shares of Joby Aviation from a “buy” rating to a “hold” rating and increased their target price for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. Finally, Morgan Stanley lifted their price target on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $14.00.

Joby Aviation Stock Down 1.4%

The stock has a market capitalization of $12.52 billion, a PE ratio of -10.25 and a beta of 2.52. The firm has a 50 day moving average price of $15.95 and a 200-day moving average price of $13.32.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Thursday, November 6th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The company had revenue of $22.57 million during the quarter, compared to analysts’ expectations of $0.02 million. During the same quarter in the prior year, the company posted ($0.21) EPS. The firm’s revenue was up 7962.1% compared to the same quarter last year. Equities analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Transactions at Joby Aviation

In related news, insider Kate Dehoff sold 20,824 shares of the business’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $17.48, for a total transaction of $364,003.52. Following the completion of the transaction, the insider directly owned 149,369 shares in the company, valued at $2,610,970.12. The trade was a 12.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gregory Bowles sold 4,776 shares of the company’s stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the completion of the sale, the insider directly owned 156,464 shares in the company, valued at approximately $2,830,433.76. The trade was a 2.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,657,424 shares of company stock valued at $25,068,869. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in shares of Joby Aviation by 5.4% in the 1st quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company’s stock valued at $8,118,000 after purchasing an additional 69,464 shares during the period. Arizona State Retirement System increased its holdings in Joby Aviation by 5.6% in the first quarter. Arizona State Retirement System now owns 54,864 shares of the company’s stock valued at $330,000 after buying an additional 2,906 shares in the last quarter. Wealthfront Advisers LLC raised its position in shares of Joby Aviation by 63.5% in the first quarter. Wealthfront Advisers LLC now owns 55,612 shares of the company’s stock worth $335,000 after acquiring an additional 21,602 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of Joby Aviation in the first quarter worth about $67,000. Finally, Choreo LLC purchased a new stake in shares of Joby Aviation during the 1st quarter worth about $61,000. Hedge funds and other 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.