Joby Aviation (NYSE:JOBY) Trading Down 1.4% – What’s Next?

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 1.4% during mid-day trading on Tuesday . The stock traded as low as $5.77 and last traded at $5.94. Approximately 3,495,811 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 12,450,154 shares. The stock had previously closed at $6.02.

Analyst Upgrades and Downgrades

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

Joby Aviation Price Performance

The company has a market capitalization of $4.45 billion, a PE ratio of -8.09 and a beta of 2.35. The company’s fifty day moving average is $7.09 and its 200-day moving average is $6.94.

Insider Buying and Selling at Joby Aviation

In other news, insider Didier Papadopoulos sold 7,692 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. The trade was a 13.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul Cahill Sciarra sold 333,332 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now owns 58,994,729 shares in the company, valued at $471,957,832. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,166,111 shares of company stock worth $9,588,388. 32.40% of the stock is owned by insiders.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in shares of Joby Aviation during the 4th quarter valued at about $38,000. Allworth Financial LP boosted its position 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 purchasing an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Joby Aviation in the fourth quarter valued at approximately $41,000. Toronto Dominion Bank purchased a new stake in shares of 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.