Joby Aviation (NYSE:JOBY) Stock Price Down 0.4% - Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) fell 0.4% during mid-day trading on Tuesday . The stock traded as low as $6.90 and last traded at $7.01. 2,405,150 shares changed hands during trading, a decline of 80% from the average session volume of 11,932,070 shares. The stock had previously closed at $7.03.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on JOBY shares. Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Monday, May 5th. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. HC Wainwright reissued a "buy" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.

Joby Aviation Price Performance

The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -9.52 and a beta of 2.34. The firm has a fifty day simple moving average of $6.32 and a two-hundred day simple moving average of $7.15.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted ($0.14) EPS. Equities analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Insider Activity at Joby Aviation

In other Joby Aviation news, insider Bonny W. Simi sold 9,695 shares of Joby Aviation stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.78, for a total transaction of $65,732.10. Following the completion of the sale, the insider now directly owns 146,941 shares in the company, valued at approximately $996,259.98. The trade was a 6.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Eric Allison sold 24,395 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $6.04, for a total transaction of $147,345.80. Following the completion of the sale, the insider now directly owns 627,726 shares in the company, valued at $3,791,465.04. This trade represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 753,766 shares of company stock valued at $4,659,968 in the last ninety days. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rheos Capital Works Inc. boosted its stake in shares of Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock worth $19,553,000 after buying an additional 350,000 shares during the last quarter. Entropy Technologies LP acquired a new position in Joby Aviation in the fourth quarter valued at approximately $300,000. Raymond James Financial Inc. purchased a new stake in Joby Aviation in the 4th quarter worth approximately $2,168,000. Charles Schwab Investment Management Inc. boosted its position in Joby Aviation by 10.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock worth $31,661,000 after purchasing an additional 361,520 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Joby Aviation during the 4th quarter worth approximately $311,000. 52.85% of the stock is 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.