Joby Aviation (NYSE:JOBY) Trading Down 1.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY) fell 1.5% during mid-day trading on Thursday . The stock traded as low as $6.32 and last traded at $6.39. 2,603,620 shares were traded during mid-day trading, a decline of 75% from the average session volume of 10,590,256 shares. The stock had previously closed at $6.49.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group increased their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Down 2.9 %

The company has a market capitalization of $4.96 billion, a PE ratio of -9.01 and a beta of 2.35. The stock’s fifty day simple moving average is $7.51 and its 200-day simple moving average is $6.85.

Insider Buying and Selling at Joby Aviation

In other news, insider Kate Dehoff sold 6,903 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $51,289.29. Following the sale, the insider now directly owns 202,276 shares in the company, valued at $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joeben Bevirt sold 10,785 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $80,132.55. Following the sale, the chief executive officer now owns 793,036 shares in the company, valued at approximately $5,892,257.48. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,015,470 shares of company stock valued at $8,600,479. Corporate 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 added to or reduced their stakes in the company. Bouvel Investment Partners LLC increased its position in shares of Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock worth $1,007,000 after purchasing an additional 1,715 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Joby Aviation by 9.9% in the 4th quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock worth $175,000 after purchasing an additional 1,935 shares during the last quarter. Gallagher Fiduciary Advisors LLC increased its position in shares of Joby Aviation by 3.1% in the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock worth $543,000 after purchasing an additional 2,000 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Joby Aviation by 1.1% in the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after buying an additional 2,065 shares during the period. Finally, Private Advisor Group LLC boosted its holdings in shares of Joby Aviation by 6.6% in the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after buying an additional 2,261 shares during the period. Hedge funds and other institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.