Joby Aviation (NYSE:JOBY) Shares Down 8.1% - Time to Sell?

Key Points

• Joby Aviation's stock fell by 8.1% to $17.38, with trading volume surging to 114.5 million shares, reflecting a significant increase from its average volume.
• Analysts have mixed opinions on the stock; while one rated it as a Buy, the average consensus rating is "Reduce" with a target price of $10.50.
• Insider trading activity showed significant sales, including a sale of over 500,000 shares by a company director, indicating potential concerns from insiders regarding the stock's future performance.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price traded down 8.1% during trading on Wednesday . The stock traded as low as $16.65 and last traded at $17.38. 114,558,169 shares traded hands during mid-day trading, an increase of 369% from the average session volume of 24,405,100 shares. The stock had previously closed at $18.91.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Cantor Fitzgerald restated a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group downgraded shares of Joby Aviation from a "buy" rating to a "hold" rating and boosted their target price for the stock from $12.00 to $17.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Joby Aviation in a report on Wednesday. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Joby Aviation presently has an average rating of "Reduce" and a consensus target price of $10.50.

Joby Aviation Stock Down 8.1%

The firm's 50-day moving average price is $15.79 and its 200 day moving average price is $11.16. The firm has a market cap of $14.88 billion, a P/E ratio of -16.24 and a beta of 2.52.

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

Insiders Place Their Bets

In other news, insider Kate Dehoff sold 52,907 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the completion of the transaction, the insider owned 149,369 shares of the company's stock, valued at approximately $2,354,055.44. This represents a 26.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $14.30, for a total transaction of $7,150,014.30. Following the completion of the transaction, the director owned 56,328,057 shares of the company's stock, valued at $805,491,215.10. This represents a 0.88% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,330,881 shares of company stock worth $33,997,315. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Toyota Motor Corp boosted its stake in Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock valued at $1,355,194,000 after purchasing an additional 49,701,790 shares in the last quarter. Geode Capital Management LLC boosted its stake in Joby Aviation by 5.4% during the second quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company's stock valued at $117,230,000 after buying an additional 573,328 shares in the last quarter. State Street Corp boosted its stake in Joby Aviation by 3.0% during the second quarter. State Street Corp now owns 10,392,018 shares of the company's stock valued at $109,636,000 after buying an additional 305,109 shares in the last quarter. Rheos Capital Works Inc. grew its stake in shares of Joby Aviation by 58.2% in the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after purchasing an additional 2,650,000 shares during the last quarter. Finally, ARK Investment Management LLC grew its stake in shares of Joby Aviation by 1.9% in the 2nd quarter. ARK Investment Management LLC now owns 3,507,405 shares of the company's stock worth $37,003,000 after purchasing an additional 64,562 shares during the last quarter. 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.

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