Joby Aviation (NYSE:JOBY) Stock Price Down 1.5% - Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares fell 1.5% during mid-day trading on Monday . The stock traded as low as $6.47 and last traded at $6.40. 3,449,132 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 11,502,647 shares. The stock had previously closed at $6.50.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on JOBY shares. Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. HC Wainwright reissued a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. reduced their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. Canaccord Genuity Group lifted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Joby Aviation has a consensus rating of "Moderate Buy" and an average target price of $8.58.

Joby Aviation Price Performance

The company has a fifty day moving average price of $6.28 and a 200 day moving average price of $7.01. The company has a market cap of $5.07 billion, a PE ratio of -9.16 and a beta of 2.35.

Insider Activity at Joby Aviation

In related news, Director Paul Cahill Sciarra sold 333,334 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the sale, the director now owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Bonny W. Simi sold 9,695 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.78, for a total value of $65,732.10. Following the completion of the sale, the insider now owns 146,941 shares of the company's stock, valued at approximately $996,259.98. The trade was a 6.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,002,161 shares of company stock worth $6,781,863 over the last 90 days. 32.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its stake in Joby Aviation by 773.9% during the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock worth $34,000 after buying an additional 5,015 shares during the period. Whittier Trust Co. bought a new position in Joby Aviation during the 4th quarter valued at about $38,000. Salem Investment Counselors Inc. raised its position in Joby Aviation by 5,000.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after purchasing an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA bought a new stake in Joby Aviation in the fourth quarter worth about $41,000. Finally, Toronto Dominion Bank bought a new position in shares of Joby Aviation during the fourth quarter valued at approximately $41,000. 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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