Joby Aviation (NYSE:JOBY) Shares Gap Down - Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $9.63, but opened at $9.22. Joby Aviation shares last traded at $9.19, with a volume of 5,806,044 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently commented on JOBY. Needham & Company LLC reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald lowered shares of Joby Aviation from an "overweight" rating to a "neutral" rating and set a $9.00 price objective on the stock. in a research note on Thursday. Morgan Stanley reissued an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Canaccord Genuity Group reissued a "buy" rating and issued a $12.00 price target on shares of Joby Aviation in a report on Wednesday, June 4th. Finally, HC Wainwright reissued a "buy" rating and issued a $13.00 price target (up from $9.00) on shares of Joby Aviation in a report on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Joby Aviation has an average rating of "Hold" and an average target price of $9.33.

Joby Aviation Trading Down 8.3%

The firm has a market cap of $6.99 billion, a price-to-earnings ratio of -12.61 and a beta of 2.39. The company's 50-day moving average is $6.90 and its 200-day moving average is $7.37.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same period last year, the company earned ($0.14) EPS. Equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Activity

In other news, Director Paul Cahill Sciarra sold 166,667 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.78, for a total value of $1,130,002.26. Following the transaction, the director now owns 58,494,728 shares of the company's stock, valued at $396,594,255.84. This represents a 0.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the sale, the chief executive officer now directly owns 32,275,793 shares of the company's stock, valued at $190,104,420.77. The trade was a 0.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold 750,950 shares of company stock worth $4,640,619 over the last three months. 28.50% of the stock is currently owned by insiders.

Institutional Trading of Joby Aviation

A number of large investors have recently made changes to their positions in JOBY. Whittier Trust Co. purchased a new position in Joby Aviation during the fourth quarter valued at approximately $38,000. Allworth Financial LP lifted its holdings in shares of Joby Aviation by 200.6% in the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after buying an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new position in shares of Joby Aviation in the fourth quarter worth $41,000. Toronto Dominion Bank purchased a new position in shares of Joby Aviation in the fourth quarter worth $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in Joby Aviation during the fourth quarter valued at $41,000. 52.85% of the stock is currently owned by institutional investors.

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.