Joby Aviation (NYSE:JOBY) Stock Price Down 5.3% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 5.3% on Thursday . The stock traded as low as $7.33 and last traded at $7.35. Approximately 50,062,349 shares traded hands during mid-day trading, an increase of 61% from the average daily volume of 31,185,971 shares. The stock had previously closed at $7.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Weiss Ratings upgraded Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Morgan Stanley lowered their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Joby Aviation has a consensus rating of “Reduce” and a consensus target price of $13.64.

Joby Aviation Price Performance

The firm’s 50-day moving average is $9.64 and its 200-day moving average is $10.35. The company has a market capitalization of $7.15 billion, a PE ratio of -6.32 and a beta of 2.71. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last released its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The business had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. Equities analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In related news, insider Eric Allison sold 74,844 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $10.00, for a total transaction of $748,440.00. Following the transaction, the insider directly owned 676,008 shares of the company’s stock, valued at approximately $6,760,080. This trade represents a 9.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Cahill Sciarra sold 416,666 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the sale, the director owned 55,911,391 shares of the company’s stock, valued at $672,054,919.82. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,125,580 shares of company stock worth $12,172,117 in the last quarter. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Handelsbanken Fonder AB raised its position in Joby Aviation by 43.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 217,426 shares of the company’s stock worth $1,939,000 after purchasing an additional 66,000 shares during the period. 180 Wealth Advisors LLC lifted its stake in shares of Joby Aviation by 13.5% in the 2nd quarter. 180 Wealth Advisors LLC now owns 62,729 shares of the company’s stock valued at $560,000 after acquiring an additional 7,447 shares during the last quarter. CoreCap Advisors LLC boosted its holdings in Joby Aviation by 408.1% during the 2nd quarter. CoreCap Advisors LLC now owns 8,292 shares of the company’s stock valued at $74,000 after acquiring an additional 6,660 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in Joby Aviation during the 1st quarter valued at about $131,000. Finally, J. Derek Lewis & Associates Inc. bought a new position in Joby Aviation during the 1st quarter worth approximately $121,000. Institutional investors own 52.85% of the company’s stock.

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.