Joby Aviation (NYSE:JOBY) Stock Falls 3.4% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 3.4% on Tuesday. The stock traded as low as $4.95 and last traded at $4.9650. 23,903,715 shares were traded during trading, a decline of 23% from the average daily volume of 31,105,977 shares. The stock had previously closed at $5.14.

Wall Street Analyst Weigh In

A number of analysts have issued reports on JOBY shares. Cantor Fitzgerald reiterated a “neutral” rating on shares of Joby Aviation in a report on Monday, September 21st. Barclays initiated coverage on shares of Joby Aviation in a report on Friday, October 9th. They set an “underweight” rating and a $4.00 price objective for the company. Needham & Company LLC cut their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Susquehanna set a $18.00 target price on Joby Aviation in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a research report on Monday. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Joby Aviation currently has an average rating of “Reduce” and a consensus target price of $12.72.

Joby Aviation Trading Up 4.7%

The company has a market cap of $4.77 billion, a PE ratio of -4.87 and a beta of 2.66. The stock’s 50 day moving average is $6.70 and its 200-day moving average is $8.24. The company has a quick ratio of 17.98, a current ratio of 17.98 and a debt-to-equity ratio of 0.40.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%. The business had revenue of $38.64 million during the quarter, compared to analysts’ expectations of $30.20 million. During the same period in the previous year, the business earned ($0.41) earnings per share. The business’s quarterly revenue was up 257493.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Joby Aviation, Inc. will post -1.00 EPS for the current year.

Insider Buying and Selling

In related news, CEO JoeBen Bevirt sold 606,667 shares of Joby Aviation stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $6.19, for a total value of $3,755,268.73. Following the completion of the transaction, the chief executive officer owned 57,207,377 shares in the company, valued at approximately $354,113,663.63. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Allison sold 27,593 shares of the firm’s stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $5.09, for a total value of $140,448.37. Following the completion of the sale, the insider directly owned 745,120 shares of the company’s stock, valued at $3,792,660.80. The trade was a 3.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 955,128 shares of company stock valued at $6,029,465 in the last quarter. 20.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Ancora Advisors LLC bought a new position in Joby Aviation during the 2nd quarter worth about $27,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in Joby Aviation during the 4th quarter valued at about $28,000. Leonteq Securities AG increased its holdings in shares of Joby Aviation by 295.2% in the 1st quarter. Leonteq Securities AG now owns 4,351 shares of the company’s stock valued at $36,000 after acquiring an additional 3,250 shares during the period. Western Wealth Management LLC bought a new stake in Joby Aviation during the first quarter valued at about $37,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Joby Aviation by 95.5% during the first quarter. Geneos Wealth Management Inc. now owns 5,385 shares of the company’s stock valued at $44,000 after buying an additional 2,630 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.