Joby Aviation (NYSE:JOBY) Shares Down 1.8% - Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares were down 1.8% on Wednesday . The stock traded as low as $8.70 and last traded at $8.68. Approximately 6,164,692 shares were traded during trading, a decline of 57% from the average daily volume of 14,223,824 shares. The stock had previously closed at $8.83.

Analysts Set New Price Targets

JOBY has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price objective 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. Canaccord Genuity Group restated a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. HC Wainwright reissued a "buy" rating and issued a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a report on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Joby Aviation presently has a consensus rating of "Hold" and a consensus target price of $9.33.

Joby Aviation Stock Down 1.9%

The business's fifty day moving average is $7.36 and its 200-day moving average is $7.39. The company has a market cap of $6.86 billion, a PE ratio of -10.30 and a beta of 2.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same period last year, the business posted ($0.14) earnings per share. Analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, Director Paul Cahill Sciarra sold 166,667 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $5.73, for a total transaction of $955,001.91. Following the sale, the director now directly owns 58,328,061 shares of the company's stock, valued at $334,219,789.53. This trade represents a 0.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joeben Bevirt sold 250,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,275,793 shares of the company's stock, valued at approximately $190,104,420.77. This trade represents a 0.77% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 579,271 shares of company stock worth $3,486,563. 32.40% of the stock is owned by company insiders.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in Joby Aviation during the 4th quarter valued at approximately $2,168,000. Wealth Enhancement Advisory Services LLC purchased a new position in Joby Aviation during the fourth quarter valued at $121,000. Charles Schwab Investment Management Inc. grew its stake in Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock valued at $31,661,000 after acquiring an additional 361,520 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Joby Aviation in the 4th quarter worth $311,000. Finally, Deutsche Bank AG boosted its holdings in shares of Joby Aviation by 26.0% during the 4th quarter. Deutsche Bank AG now owns 350,784 shares of the company's stock valued at $2,852,000 after purchasing an additional 72,329 shares during the last quarter. Institutional investors own 52.85% of the company's stock.

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.

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