Joby Aviation (NYSE:JOBY) Trading Down 4.9% - Time to Sell?

Key Points

• Joby Aviation's stock price dropped by 4.9% to a low of $16.20, following an increased trading volume of 43.89 million shares during mid-day trading.
• Analysts have lowered their ratings on Joby, with Cantor Fitzgerald setting a price target of $9.00 and Wall Street Zen rating it as a sell, while JPMorgan Chase gave it an 'underweight' rating with a target increase to $7.00.
• Joby Aviation reported a significant 94.6% decline in revenue year-over-year, missing earnings expectations with an EPS of ($0.24).

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price fell 4.9% during mid-day trading on Friday . The company traded as low as $16.20 and last traded at $16.30. 43,890,756 shares changed hands during mid-day trading, an increase of 78% from the average session volume of 24,609,186 shares. The stock had previously closed at $17.14.

Analysts Set New Price Targets

A number of research analysts have recently commented on JOBY shares. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. JPMorgan Chase & Co. raised 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. Finally, Canaccord Genuity Group cut Joby Aviation from a "buy" rating to a "hold" rating and raised their target price for the company from $12.00 to $17.00 in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus price target of $11.83.

Joby Aviation Price Performance

The business has a 50-day simple moving average of $15.81 and a 200-day simple moving average of $11.28. The firm has a market capitalization of $13.96 billion, a PE ratio of -15.24 and a beta of 2.52.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. The business's revenue was down 94.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.18) earnings per share. On average, research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Insider Activity

In related news, insider Bonny W. Simi sold 173,456 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $17.25, for a total value of $2,992,116.00. Following the transaction, the insider owned 211,397 shares of the company's stock, valued at $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kate Dehoff sold 52,907 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $15.76, for a total value of $833,814.32. Following the completion of the transaction, the insider directly owned 149,369 shares in the company, valued at approximately $2,354,055.44. This trade represents a 26.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,330,881 shares of company stock valued at $33,997,315. 28.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in JOBY. Wealth Enhancement Advisory Services LLC acquired a new stake in Joby Aviation during the 4th quarter worth about $121,000. GAMMA Investing LLC raised its holdings in Joby Aviation by 5,161.0% in the 1st quarter. GAMMA Investing LLC now owns 34,091 shares of the company's stock worth $205,000 after purchasing an additional 33,443 shares during the period. Rhumbline Advisers boosted its holdings in Joby Aviation by 5.4% in the 1st quarter. Rhumbline Advisers now owns 626,743 shares of the company's stock worth $3,773,000 after buying an additional 32,324 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Joby Aviation by 31.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,724,888 shares of the company's stock worth $10,384,000 after buying an additional 411,691 shares during the last quarter. Finally, JBR Co Financial Management Inc acquired a new stake in Joby Aviation in the 1st quarter worth about $62,000. Hedge funds and other 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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