Joby Aviation (NYSE:JOBY) Stock Price Down 4.2% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 4.2% on Friday . The company traded as low as $6.11 and last traded at $6.16. 2,860,489 shares changed hands during trading, a decline of 73% from the average session volume of 10,699,954 shares. The stock had previously closed at $6.43.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on JOBY. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group lifted their price objective on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.90.

Joby Aviation Stock Down 4.6 %

The company has a market capitalization of $4.83 billion, a P/E ratio of -8.78 and a beta of 2.35. The firm has a fifty day simple moving average of $7.29 and a 200-day simple moving average of $6.91.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 6,205 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $8.10, for a total value of $50,260.50. Following the sale, the insider now owns 215,947 shares in the company, valued at approximately $1,749,170.70. The trade was a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul Cahill Sciarra sold 166,667 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.78, for a total transaction of $1,130,002.26. Following the transaction, the director now directly owns 58,494,728 shares of the company’s stock, valued at $396,594,255.84. This represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,191,832 shares of company stock worth $9,796,214 over the last quarter. 32.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Whittier Trust Co. bought a new stake in Joby Aviation during the 4th quarter worth about $38,000. Allworth Financial LP raised its holdings in Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after acquiring an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new position in Joby Aviation during the fourth quarter valued at approximately $41,000. Toronto Dominion Bank bought a new position in Joby Aviation in the fourth quarter valued at approximately $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in shares of Joby Aviation during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds 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.