Joby Aviation (NYSE:JOBY) Shares Down 3.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) fell 3.3% on Monday . The company traded as low as $9.31 and last traded at $9.5460. 21,488,451 shares were traded during mid-day trading, a decline of 27% from the average session volume of 29,506,129 shares. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

Several analysts have recently commented on JOBY shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. JPMorgan Chase & Co. lifted their target price on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Canaccord Genuity Group reaffirmed a “hold” rating and set a $15.50 price target on shares of Joby Aviation in a research note on Tuesday, February 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $13.21.

Joby Aviation Stock Performance

The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of -7.12 and a beta of 2.57. The company has a 50-day moving average price of $12.90 and a 200-day moving average price of $14.51.

Insider Transactions at Joby Aviation

In related news, insider Didier Papadopoulos sold 6,366 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $9.74, for a total value of $62,004.84. Following the completion of the sale, the insider owned 128,548 shares in the company, valued at $1,252,057.52. This represents a 4.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 63,636 shares of Joby Aviation stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $9.91, for a total value of $630,632.76. Following the transaction, the chief executive officer owned 246,006 shares in the company, valued at $2,437,919.46. This trade represents a 20.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,458,924 shares of company stock valued at $15,992,945. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after acquiring an additional 44,659 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Joby Aviation in the 1st quarter valued at about $273,000. Strs Ohio acquired a new stake in shares of Joby Aviation in the 1st quarter valued at about $37,000. CWM LLC lifted its holdings in shares of Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after purchasing an additional 689 shares in the last quarter. Finally, Moloney Securities Asset Management LLC acquired a new position in shares of Joby Aviation during the second quarter worth about $115,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Joby Aviation Company Profile

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.