Joby Aviation (NYSE:JOBY) Stock Price Down 2.8% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 2.8% on Friday . The company traded as low as $13.75 and last traded at $13.8650. 10,856,756 shares changed hands during trading, a decline of 58% from the average session volume of 26,053,162 shares. The stock had previously closed at $14.27.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Friday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Morgan Stanley increased their price target on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. Finally, The Goldman Sachs Group started coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective for the company. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $13.43.

Joby Aviation Stock Down 2.8%

The firm has a 50-day moving average price of $14.94 and a two-hundred day moving average price of $14.57. The company has a market capitalization of $12.64 billion, a P/E ratio of -10.35 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. Joby Aviation’s revenue was up 7962.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.21) EPS. On average, analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, CEO Joeben Bevirt sold 253,600 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $16.29, for a total value of $4,131,144.00. Following the completion of the transaction, the chief executive officer owned 60,273,162 shares of the company’s stock, valued at $981,849,808.98. This represents a 0.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Allison sold 27,537 shares of Joby Aviation stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $16.84, for a total value of $463,723.08. Following the sale, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. The trade was a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 588,994 shares of company stock valued at $9,660,128. Corporate insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in JOBY. Toyota Motor Corp boosted its position in shares of Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Joby Aviation by 13.2% during the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after purchasing an additional 5,828,189 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Joby Aviation by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company’s stock valued at $117,230,000 after purchasing an additional 573,328 shares during the period. State Street Corp raised its holdings in shares of Joby Aviation by 3.0% in the 2nd quarter. State Street Corp now owns 10,392,018 shares of the company’s stock worth $109,636,000 after buying an additional 305,109 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its position in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company’s stock worth $76,013,000 after buying an additional 2,650,000 shares during the period. 52.85% of the stock is owned by institutional investors.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.