Joby Aviation (NYSE:JOBY) Trading Down 1.5% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 1.5% during mid-day trading on Thursday . The company traded as low as $6.32 and last traded at $6.39. 2,603,620 shares traded hands during trading, a decline of 75% from the average session volume of 10,590,256 shares. The stock had previously closed at $6.49.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. 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 report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their target price on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Performance

The stock has a 50-day simple moving average of $7.51 and a 200 day simple moving average of $6.85. The company has a market cap of $4.96 billion, a P/E ratio of -9.01 and a beta of 2.35.

Insider Activity at Joby Aviation

In related news, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now directly owns 50,902 shares of the company’s stock, valued at $509,020. The trade was a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Cahill Sciarra sold 333,332 shares of Joby Aviation stock in a transaction on Monday, January 13th. The stock was sold at an average price of $8.00, for a total value of $2,666,656.00. Following the sale, the director now directly owns 58,994,729 shares of the company’s stock, valued at approximately $471,957,832. This trade represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,015,470 shares of company stock valued at $8,600,479 in the last three months. Corporate insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently made changes to their positions in the stock. Toyota Motor Corp bought a new position in Joby Aviation during the fourth quarter worth about $640,259,000. Uber Technologies Inc bought a new stake in shares of Joby Aviation in the fourth quarter valued at about $207,842,000. Vanguard Group Inc. lifted its holdings in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Finally, Baillie Gifford & Co. lifted its holdings in shares of Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after purchasing an additional 2,281,161 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.