Joby Aviation (NYSE:JOBY) Shares Down 3.5% – Should You Sell?

by · The Cerbat Gem

Shares of Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) were down 3.5% during trading on Wednesday . The company traded as low as $7.62 and last traded at $7.66. Approximately 4,118,353 shares changed hands during trading, a decline of 69% from the average daily volume of 13,117,670 shares. The stock had previously closed at $7.94.

Wall Street Analyst Weigh In

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

Read Our Latest Research Report on Joby Aviation

Joby Aviation Trading Down 6.6 %

The firm has a market cap of $5.34 billion, a price-to-earnings ratio of -9.96 and a beta of 2.33. The firm’s 50 day simple moving average is $8.27 and its two-hundred day simple moving average is $6.65.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $9.84, for a total value of $2,460,000.00. Following the transaction, the chief executive officer now owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $8.00, for a total value of $2,666,656.00. Following the completion of the transaction, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,023,005 shares of company stock worth $8,667,288. Corporate insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently bought and sold shares of the company. Toyota Motor Corp bought a new stake in shares of Joby Aviation during the 4th quarter worth approximately $640,259,000. Baillie Gifford & Co. lifted its stake in Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Uber Technologies Inc bought a new position in shares of Joby Aviation in the 4th quarter valued at $207,842,000. Finally, Geode Capital Management LLC raised its holdings in shares of Joby Aviation by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock worth $83,015,000 after buying an additional 817,638 shares in the last quarter. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

(Get Free Report)

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.

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