Joby Aviation (NYSE:JOBY) Trading Down 4.6% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) dropped 4.6% during mid-day trading on Monday . The company traded as low as $14.08 and last traded at $14.1610. Approximately 15,271,071 shares traded hands during trading, a decline of 42% from the average daily volume of 26,385,756 shares. The stock had previously closed at $14.85.

Analysts Set New Price Targets

A number of research firms have recently commented on JOBY. Morgan Stanley boosted their price objective on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 9th. The Goldman Sachs Group started coverage on Joby Aviation in a report on Monday, December 1st. They set a “sell” rating and a $10.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Friday, October 31st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $13.43.

Joby Aviation Trading Down 4.6%

The stock has a market cap of $12.91 billion, a price-to-earnings ratio of -10.57 and a beta of 2.53. The company has a fifty day simple moving average of $15.55 and a 200-day simple moving average of $14.27.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to analyst estimates of $0.02 million. During the same quarter in the prior year, the business posted ($0.21) earnings per share. Joby Aviation’s quarterly revenue was up 7962.1% compared to the same quarter last year. As a group, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 253,600 shares of the business’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the sale, the chief executive officer directly owned 60,273,162 shares of the company’s stock, valued at $981,849,808.98. The trade was a 0.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gregory Bowles sold 12,900 shares of the stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $15.75, for a total value of $203,175.00. Following the completion of the sale, the insider owned 153,280 shares of the company’s stock, valued at $2,414,160. The trade was a 7.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 648,814 shares of company stock worth $10,607,650. 32.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of the business. Asset Planning Inc increased its holdings in shares of Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after purchasing an additional 700 shares during the period. Strategic Advocates LLC purchased a new position in Joby Aviation during the third quarter valued at approximately $29,000. Canton Hathaway LLC purchased a new position in Joby Aviation during the third quarter valued at approximately $29,000. Hilltop National Bank acquired a new position in Joby Aviation in the 3rd quarter valued at approximately $32,000. Finally, Ancora Advisors LLC purchased a new stake in Joby Aviation in the 3rd quarter worth approximately $35,000. 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.