Joby Aviation (NYSE:JOBY) Trading Down 9.2% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) traded down 9.2% during mid-day trading on Thursday . The stock traded as low as $14.74 and last traded at $14.80. 26,451,121 shares changed hands during trading, a decline of 3% from the average session volume of 27,238,742 shares. The stock had previously closed at $16.30.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several research analyst reports. Canaccord Genuity Group lowered shares of Joby Aviation from a “buy” rating to a “hold” rating and raised their price objective for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. Morgan Stanley increased their target price on Joby Aviation from $7.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. increased their price objective on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $14.00.

Joby Aviation Stock Down 2.7%

The company’s fifty day moving average price is $15.93 and its 200-day moving average price is $13.17. The stock has a market capitalization of $13.13 billion, a PE ratio of -10.74 and a beta of 2.52.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The company had revenue of $22.57 million during the quarter, compared to the consensus estimate of $0.02 million. The firm’s revenue was up 7962.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.21) EPS. Equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In other Joby Aviation news, Director Paul Cahill Sciarra sold 500,001 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 15,439 shares of Joby Aviation stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $16.78, for a total transaction of $259,066.42. Following the completion of the transaction, the insider directly owned 103,206 shares of the company’s stock, valued at $1,731,796.68. This trade represents a 13.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,657,424 shares of company stock valued at $25,068,869. 28.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in JOBY. Creative Planning raised its holdings in Joby Aviation by 36.7% in the 3rd quarter. Creative Planning now owns 296,660 shares of the company’s stock worth $4,788,000 after acquiring an additional 79,581 shares during the last quarter. Ancora Advisors LLC bought a new stake in shares of Joby Aviation in the 3rd quarter worth $35,000. Raymond James Financial Inc. raised its stake in shares of Joby Aviation by 50.2% in the third quarter. Raymond James Financial Inc. now owns 310,336 shares of the company’s stock worth $5,009,000 after purchasing an additional 103,775 shares during the last quarter. Equitable Holdings Inc. bought a new position in shares of Joby Aviation during the third quarter valued at $394,000. Finally, Man Group plc bought a new position in shares of Joby Aviation during the third quarter valued at $40,283,000. Hedge funds and other 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.