Joby Aviation (NYSE:JOBY) Stock Price Down 4.2% - Here's What Happened

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price traded down 4.2% during trading on Wednesday . The company traded as low as $6.14 and last traded at $6.29. 3,023,477 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 12,538,525 shares. The stock had previously closed at $6.56.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Morgan Stanley reissued an "equal weight" rating and set a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. HC Wainwright reissued a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Finally, Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $8.58.

Joby Aviation Price Performance

The company has a fifty day moving average price of $6.24 and a two-hundred day moving average price of $7.01. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of -9.09 and a beta of 2.35.

Insider Activity

In related news, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction dated Tuesday, April 1st. The stock was 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. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Cahill Sciarra sold 166,667 shares of Joby Aviation stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $5.73, for a total transaction of $955,001.91. Following the sale, the director now owns 58,328,061 shares in the company, valued at approximately $334,219,789.53. This trade represents a 0.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,002,161 shares of company stock worth $6,781,863 in the last 90 days. Company insiders own 32.40% of the company's stock.

Institutional Trading of Joby Aviation

Hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC lifted its position in shares of Joby Aviation by 685.0% during the first quarter. Nisa Investment Advisors LLC now owns 75,315 shares of the company's stock worth $453,000 after purchasing an additional 65,721 shares in the last quarter. Brown Advisory Inc. increased its stake in Joby Aviation by 23.6% in the 1st quarter. Brown Advisory Inc. now owns 13,905 shares of the company's stock valued at $84,000 after buying an additional 2,655 shares during the last quarter. Heritage Wealth Management Inc. bought a new stake in Joby Aviation during the 1st quarter worth about $81,000. Bank of New York Mellon Corp increased its position in shares of Joby Aviation by 5.4% in the first quarter. Bank of New York Mellon Corp now owns 1,348,491 shares of the company's stock valued at $8,118,000 after acquiring an additional 69,464 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in Joby Aviation during the first quarter worth about $168,000. Institutional investors and hedge funds 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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