Joby Aviation (NYSE:JOBY) Trading Down 3.7% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 3.7% during trading on Tuesday . The company traded as low as $7.44 and last traded at $7.81. Approximately 10,177,755 shares were traded during trading, an increase of 24% from the average daily volume of 8,187,600 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

JOBY has been the subject of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, October 2nd. Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective 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. Finally, Canaccord Genuity Group reduced their target price on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Price Performance

The firm’s 50-day moving average price is $6.02 and its 200 day moving average price is $5.54.

Joby Aviation (NYSE:JOBY) last released its quarterly 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 during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the prior year, the company earned ($0.13) earnings per share. Sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at approximately $253,036.42. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,526 shares of company stock worth $2,745,708. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. Larson Financial Group LLC increased its stake in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after buying an additional 5,000 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after buying an additional 5,840 shares during the period. Empowered Funds LLC acquired a new position in shares of Joby Aviation in the 3rd quarter valued at about $51,000. Sound Income Strategies LLC boosted its holdings in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after buying an additional 10,000 shares during the period. Finally, Integris Wealth Management LLC acquired a new position in shares of Joby Aviation in the 2nd quarter valued at about $54,000. Hedge funds and other institutional investors own 45.54% of the company’s stock.

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.