Joby Aviation (NYSE:JOBY) Stock Price Down 0.6% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 0.6% during trading on Tuesday . The stock traded as low as $8.16 and last traded at $8.34. Approximately 4,320,761 shares changed hands during trading, a decline of 52% from the average daily volume of 8,999,138 shares. The stock had previously closed at $8.39.

Analyst Upgrades and Downgrades

JOBY has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, Needham & Company LLC started coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Price Performance

The stock has a market capitalization of $6.22 billion, a PE ratio of -11.61 and a beta of 2.32. The company’s 50 day moving average price is $7.04 and its two-hundred day moving average price is $5.99.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling at Joby Aviation

In other news, insider Matthew Field sold 5,643 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $5.96, for a total transaction of $33,632.28. Following the sale, the insider now owns 293,143 shares of the company’s stock, valued at approximately $1,747,132.28. This trade represents a 1.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregory Bowles sold 7,748 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. This trade represents a 20.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 89,154 shares of company stock valued at $534,225 in the last three months. 32.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in JOBY. Tidal Investments LLC raised its holdings in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares in the last quarter. Kensington Investment Counsel LLC lifted its stake in Joby Aviation by 12.0% in the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after buying an additional 3,653 shares in the last quarter. Amalgamated Bank grew its holdings in Joby Aviation by 46.2% during the 2nd quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock valued at $71,000 after buying an additional 4,391 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after acquiring an additional 5,000 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its stake in shares of Joby Aviation by 15.4% during the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock valued at $188,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds 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.