Joby Aviation (NYSE:JOBY) Stock Price Down 3.9% – Here’s What Happened

Joby Aviation, Inc. (NYSE:JOBY) fell 3.9% during mid-day trading on Friday . The company traded as low as $9.79 and last traded at $9.8550. 19,198,108 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 29,741,461 shares. The stock had previously closed at $10.25.

Analyst Ratings Changes

Several analysts have recently issued reports on JOBY shares. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a research note on Thursday, November 6th. HC Wainwright reissued a “neutral” rating on shares of Joby Aviation in a research report on Monday, November 24th. The Goldman Sachs Group assumed coverage on shares of Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Friday, October 31st. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Joby Aviation has an average rating of “Reduce” and a consensus target price of $13.21.

Joby Aviation Stock Performance

The firm has a 50-day moving average price of $13.00 and a two-hundred day moving average price of $14.63. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of -7.35 and a beta of 2.57.

Insider Activity at Joby Aviation

In related news, insider Kate Dehoff sold 28,260 shares of Joby Aviation stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $14.72, for a total transaction of $415,987.20. Following the sale, the insider directly owned 149,369 shares in the company, valued at $2,198,711.68. This trade represents a 15.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bonny W. Simi sold 110,173 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $13.85, for a total value of $1,525,896.05. Following the completion of the sale, the insider directly owned 125,114 shares of the company’s stock, valued at $1,732,828.90. The trade was a 46.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,463,528 shares of company stock valued at $16,054,224. Corporate insiders own 28.50% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada increased its stake in shares of Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after acquiring an additional 44,659 shares during the period. AQR Capital Management LLC acquired a new position in Joby Aviation during the 1st quarter worth approximately $273,000. Strs Ohio acquired a new position in Joby Aviation during the 1st quarter worth approximately $37,000. CWM LLC raised its stake in shares of Joby Aviation by 8.1% during the 2nd quarter. CWM LLC now owns 9,156 shares of the company’s stock worth $97,000 after buying an additional 689 shares in the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Joby Aviation by 34.5% in the 2nd quarter. Harbour Investments Inc. now owns 6,489 shares of the company’s stock valued at $68,000 after buying an additional 1,664 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.