Joby Aviation (NYSE:JOBY) Trading Down 4.6% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) was down 4.6% on Friday . The company traded as low as $14.73 and last traded at $14.8490. Approximately 18,565,410 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 26,426,553 shares. The stock had previously closed at $15.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 9th. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. Finally, Zacks Research raised Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $13.43.

Joby Aviation Stock Down 4.6%

The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of -11.08 and a beta of 2.53. The stock has a 50 day simple moving average of $15.62 and a 200 day simple moving average of $14.13.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to analyst estimates of $0.02 million. During the same quarter last year, the firm earned ($0.21) EPS. The company’s revenue for the quarter was up 7962.1% on a year-over-year basis. As a group, analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity at Joby Aviation

In other news, insider Eric Allison sold 27,537 shares of the company’s stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total transaction of $463,723.08. Following the completion of the transaction, the insider owned 692,428 shares in the company, valued at approximately $11,660,487.52. This represents a 3.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $14.30, for a total transaction of $7,150,014.30. Following the completion of the sale, the director directly owned 56,328,057 shares in the company, valued at approximately $805,491,215.10. This trade represents a 0.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,154,802 shares of company stock valued at $17,844,775. Company insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. Asset Planning Inc grew its holdings in Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares in the last quarter. Strategic Advocates LLC bought a new position in shares of Joby Aviation in the third quarter worth $29,000. Canton Hathaway LLC bought a new position in shares of Joby Aviation in the third quarter worth $29,000. Hilltop National Bank acquired a new position in shares of Joby Aviation during the third quarter valued at $32,000. Finally, Ancora Advisors LLC bought a new stake in shares of Joby Aviation during the third quarter valued at about $35,000. 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.