Joby Aviation (NYSE:JOBY) Stock Price Down 3.3% - Should You Sell?

Key Points

• Joby Aviation's stock price dropped 3.3% to $18.85, with a significant decline in trading volume at 12.27 million shares — a 40% decrease from its average daily volume.
• Analysts have mixed ratings on Joby Aviation, with a consensus of "Hold" and an average target price of $9.67; however, some analysts maintain bullish "buy" ratings with targets as high as $13.00.
• Insider sales increased recently, with two insiders selling a total of 13,063 shares, indicating possible concerns over the stock’s current performance.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s share price was down 3.3% on Wednesday . The stock traded as low as $18.53 and last traded at $18.85. Approximately 12,267,294 shares were traded during trading, a decline of 40% from the average daily volume of 20,551,646 shares. The stock had previously closed at $19.49.

Wall Street Analyst Weigh In

Several analysts have weighed in on JOBY shares. Canaccord Genuity Group reaffirmed a "buy" rating and set a $12.00 target price on shares of Joby Aviation in a research note on Wednesday, June 4th. HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price (up previously from $9.00) on shares of Joby Aviation in a research note on Monday, June 9th. JPMorgan Chase & Co. lifted their target price on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Monday, June 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $9.67.

Joby Aviation Stock Performance

The stock has a 50 day moving average price of $11.96 and a 200 day moving average price of $8.60. The company has a market cap of $15.01 billion, a P/E ratio of -22.55 and a beta of 2.52.

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 analysts' consensus estimates 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 in the prior year, the firm posted ($0.14) EPS. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Gregory Bowles sold 7,961 shares of Joby Aviation stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $81,839.08. Following the transaction, the insider directly owned 153,280 shares in the company, valued at $1,575,718.40. The trade was a 4.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Didier Papadopoulos sold 5,102 shares of Joby Aviation stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $10.28, for a total value of $52,448.56. Following the completion of the transaction, the insider owned 84,953 shares in the company, valued at $873,316.84. The trade was a 5.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,867,653 shares of company stock worth $19,256,442. 32.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently modified their holdings of the stock. Modera Wealth Management LLC grew its holdings in shares of Joby Aviation by 21.0% in the 2nd quarter. Modera Wealth Management LLC now owns 51,575 shares of the company's stock worth $544,000 after acquiring an additional 8,967 shares during the last quarter. GPS Wealth Strategies Group LLC grew its holdings in shares of Joby Aviation by 32.0% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after acquiring an additional 750 shares during the last quarter. Ring Mountain Capital LLC acquired a new position in shares of Joby Aviation in the 2nd quarter worth $211,000. Huntington National Bank grew its holdings in shares of Joby Aviation by 333,800.0% in the 2nd quarter. Huntington National Bank now owns 6,678 shares of the company's stock worth $70,000 after acquiring an additional 6,676 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Joby Aviation by 6.2% during the second quarter. Bank of New York Mellon Corp now owns 1,431,592 shares of the company's stock valued at $15,103,000 after buying an additional 83,101 shares in the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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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