Joby Aviation (NYSE:JOBY) Shares Down 4% - Time to Sell?

Key Points

• Joby Aviation's stock price fell 4% during mid-day trading, reaching a low of $14.90 and closing at $15.45, with trading volume increasing significantly.
• Brokerages have downgraded Joby Aviation's ratings, with Zacks Research rating it as a "strong sell" and a consensus rating of "Reduce" from analysts.
• Insiders have sold a substantial amount of shares, with CEO Joeben Bevirt selling 253,600 shares for over $4 million, raising concerns about insider confidence in the company's performance.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price traded down 4% during mid-day trading on Wednesday . The company traded as low as $14.90 and last traded at $15.45. 43,032,678 shares traded hands during mid-day trading, an increase of 64% from the average session volume of 26,190,773 shares. The stock had previously closed at $16.10.

Wall Street Analyst Weigh In

Several brokerages have weighed in on JOBY. Zacks Research cut shares of Joby Aviation from a "hold" rating to a "strong sell" rating in a research report on Tuesday, October 14th. HC Wainwright cut shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Joby Aviation in a research report on Wednesday, October 8th. Finally, Canaccord Genuity Group cut shares of Joby Aviation from a "buy" rating to a "hold" rating and increased their price target for the company from $12.00 to $17.00 in a research report on Thursday, August 7th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $11.83.

Joby Aviation Stock Performance

The company has a market capitalization of $13.23 billion, a PE ratio of -14.44 and a beta of 2.52. The business's 50-day moving average is $15.59 and its 200-day moving average is $11.90.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. The business's quarterly revenue was down 94.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.18) EPS. Analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Joby Aviation news, CEO Joeben Bevirt sold 253,600 shares of Joby Aviation stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $16.29, for a total transaction of $4,131,144.00. Following the transaction, the chief executive officer owned 60,273,162 shares of the company's stock, valued at $981,849,808.98. The trade was a 0.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bonny W. Simi sold 173,456 shares of Joby Aviation stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $17.25, for a total transaction of $2,992,116.00. Following the transaction, the insider directly owned 211,397 shares in the company, valued at $3,646,598.25. This represents a 45.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,830,880 shares of company stock valued at $28,060,985 in the last 90 days. 32.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of JOBY. Toyota Motor Corp lifted its stake in Joby Aviation by 63.1% in the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock worth $1,355,194,000 after acquiring an additional 49,701,790 shares during the period. Nuveen LLC acquired a new position in shares of Joby Aviation during the first quarter valued at about $18,936,000. Rheos Capital Works Inc. increased its holdings in shares of Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock valued at $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Joby Aviation in the 2nd quarter worth approximately $15,392,000. Finally, Balyasny Asset Management L.P. acquired a new position in Joby Aviation in the 2nd quarter worth approximately $12,471,000. Institutional investors 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.

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