Joby Aviation (NYSE:JOBY) Shares Down 3.9% – Time to Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 3.9% during mid-day trading on Tuesday . The company traded as low as $6.40 and last traded at $6.49. Approximately 5,365,576 shares were traded during trading, a decline of 59% from the average daily volume of 13,131,762 shares. The stock had previously closed at $6.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and upped their price objective for the stock from $5.00 to $6.00 in a research note on Friday, January 10th. Canaccord Genuity Group upped their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Wednesday, December 18th. Finally, Needham & Company LLC increased their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Down 3.9 %

The stock has a fifty day simple moving average of $8.23 and a 200 day simple moving average of $6.70. The firm has a market capitalization of $4.97 billion, a P/E ratio of -9.24 and a beta of 2.33.

Insider Buying and Selling

In related news, insider Kate Dehoff sold 6,903 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $7.43, for a total transaction of $51,289.29. Following the completion of the transaction, the insider now directly owns 202,276 shares of the company’s stock, valued at approximately $1,502,910.68. This represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 7,692 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $10.00, for a total value of $76,920.00. Following the transaction, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. This represents a 13.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,015,257 shares of company stock valued at $8,604,684. Corporate insiders own 32.40% of the company’s stock.

Institutional Trading of Joby Aviation

Hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank purchased a new stake in Joby Aviation during the fourth quarter valued at approximately $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Joby Aviation by 15.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 444,860 shares of the company’s stock valued at $3,617,000 after buying an additional 57,929 shares during the period. Valueworks LLC lifted its position in Joby Aviation by 14.0% in the fourth quarter. Valueworks LLC now owns 2,340,170 shares of the company’s stock worth $19,026,000 after buying an additional 288,140 shares during the last quarter. Toyota Motor Corp bought a new stake in Joby Aviation in the fourth quarter worth $640,259,000. Finally, Shay Capital LLC purchased a new position in Joby Aviation during the fourth quarter worth $373,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.