Joby Aviation (NYSE:JOBY) Shares Down 2.6% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 2.6% during trading on Thursday . The company traded as low as $7.23 and last traded at $7.40. Approximately 4,744,415 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 13,122,309 shares. The stock had previously closed at $7.59.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on JOBY. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Needham & Company LLC lifted their price objective on Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Canaccord Genuity Group upped their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Performance

The firm has a 50-day moving average price of $8.27 and a 200 day moving average price of $6.65. The stock has a market capitalization of $5.34 billion, a P/E ratio of -9.96 and a beta of 2.33.

Insiders Place Their Bets

In other Joby Aviation news, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now directly owns 29,235 shares of the company’s stock, valued at $236,218.80. The trade was a 20.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kate Dehoff sold 6,903 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $51,289.29. Following the completion of the sale, the insider now owns 202,276 shares of the company’s stock, valued at $1,502,910.68. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,023,005 shares of company stock valued at $8,667,288. 32.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Toronto Dominion Bank bought a new stake in Joby Aviation in the 4th quarter worth $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Joby Aviation by 15.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,860 shares of the company’s stock worth $3,617,000 after purchasing an additional 57,929 shares during the period. Valueworks LLC grew its stake in shares of Joby Aviation by 14.0% in the fourth quarter. Valueworks LLC now owns 2,340,170 shares of the company’s stock worth $19,026,000 after purchasing an additional 288,140 shares during the last quarter. Toyota Motor Corp purchased a new position in Joby Aviation during the 4th quarter valued at about $640,259,000. Finally, Shay Capital LLC bought a new position in Joby Aviation during the 4th quarter valued at approximately $373,000. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.