Joby Aviation (NYSE:JOBY) Trading Down 4.5% – Here’s Why

by · The Markets Daily

Shares of Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) fell 4.5% during trading on Tuesday . The company traded as low as $10.20 and last traded at $10.21. 19,907,394 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 32,554,539 shares. The stock had previously closed at $10.69.

Wall Street Analyst Weigh In

JOBY has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. The Goldman Sachs Group began coverage on Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price for the company. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. Canaccord Genuity Group restated a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Joby Aviation presently has an average rating of “Reduce” and a consensus target price of $13.21.

Get Our Latest Analysis on Joby Aviation

Joby Aviation Price Performance

The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of -7.62 and a beta of 2.57. The stock has a fifty day simple moving average of $13.91 and a 200-day simple moving average of $15.07.

Insider Transactions at Joby Aviation

In other Joby Aviation news, insider Eric Allison sold 32,448 shares of the company’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $13.25, for a total value of $429,936.00. Following the completion of the transaction, the insider owned 659,980 shares in the company, valued at approximately $8,744,735. This represents a 4.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 23,552 shares of the stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $13.51, for a total transaction of $318,187.52. Following the sale, the chief executive officer directly owned 288,814 shares in the company, valued at approximately $3,901,877.14. The trade was a 7.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 297,750 shares of company stock worth $4,138,695. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of JOBY. Asset Planning Inc raised its stake in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares during the period. Strategic Advocates LLC acquired a new stake in Joby Aviation in the 3rd quarter valued at $29,000. Canton Hathaway LLC purchased a new stake in Joby Aviation in the 3rd quarter worth $29,000. Fifth Third Bancorp raised its position in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after acquiring an additional 1,348 shares during the period. Finally, Hilltop National Bank purchased a new position in Joby Aviation during the third quarter valued at $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

(Get Free Report)

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.

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