Joby Aviation (NYSE:JOBY) Stock Price Down 4.2% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 4.2% during mid-day trading on Friday . The stock traded as low as $6.11 and last traded at $6.16. Approximately 2,860,489 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 10,699,954 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on JOBY shares. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price target on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.90.

Joby Aviation Price Performance

The firm has a market cap of $4.83 billion, a P/E ratio of -8.78 and a beta of 2.35. The stock’s 50 day moving average is $7.29 and its two-hundred day moving average is $6.91.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 23,886 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the sale, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Didier Papadopoulos sold 7,692 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,191,832 shares of company stock worth $9,796,214 in the last 90 days. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Toyota Motor Corp bought a new stake in Joby Aviation during the 4th quarter worth approximately $640,259,000. Uber Technologies Inc acquired a new stake in shares of Joby Aviation in the 4th quarter valued at $207,842,000. Vanguard Group Inc. raised its position in shares of Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Joby Aviation by 331.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after acquiring an additional 3,272,597 shares during the period. Finally, Baillie Gifford & Co. boosted its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after acquiring an additional 2,281,161 shares during the last quarter. Institutional investors own 52.85% 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.