Joby Aviation (NYSE:JOBY) Stock Price Down 3.4% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 3.4% during trading on Friday . The stock traded as low as $5.58 and last traded at $5.71. 4,186,308 shares were traded during mid-day trading, a decline of 43% from the average session volume of 7,391,074 shares. The stock had previously closed at $5.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, October 29th. Canaccord Genuity Group reduced their price objective on Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th.

Joby Aviation Trading Down 3.0 %

The stock’s 50 day moving average is $5.41 and its two-hundred day moving average is $5.33. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of -8.19 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the previous year, the company posted ($0.13) EPS. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the sale, the director now directly owns 59,828,059 shares in the company, valued at $308,114,503.85. This represents a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gregory Bowles sold 26,775 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $5.14, for a total transaction of $137,623.50. Following the sale, the insider now directly owns 18,035 shares of the company’s stock, valued at approximately $92,699.90. This trade represents a 59.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 525,499 shares of company stock worth $2,667,151. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in JOBY. Vanguard Group Inc. raised its position in Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Joby Aviation during the 1st quarter worth approximately $15,357,000. Ieq Capital LLC lifted its position in shares of Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after purchasing an additional 1,807,054 shares during the period. Susquehanna Fundamental Investments LLC boosted its stake in shares of Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after buying an additional 435,069 shares during the last quarter. 45.54% of the stock is owned by institutional investors.

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.