Joby Aviation (NYSE:JOBY) Stock Price Down 5.9% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 5.9% on Thursday . The company traded as low as $8.40 and last traded at $8.4450. Approximately 21,337,960 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 27,436,891 shares. The stock had previously closed at $8.97.

Analysts Set New Price Targets

JOBY has been the subject of several research reports. Needham & Company LLC decreased their price target on shares of Joby Aviation to $18.00 and set a “buy” rating for the company in a report on Thursday, February 26th. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Thursday, February 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Price Performance

The stock has a market cap of $7.70 billion, a price-to-earnings ratio of -7.41 and a beta of 2.59. The business has a fifty day moving average of $10.83 and a 200 day moving average of $13.69.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The business had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. Joby Aviation’s revenue was up 5506.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.34) earnings per share. On average, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Didier Papadopoulos sold 2,594 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $9.85, for a total transaction of $25,550.90. Following the transaction, the insider directly owned 135,541 shares in the company, valued at $1,335,078.85. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joeben Bevirt sold 3,238 shares of the company’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $10.25, for a total value of $33,189.50. Following the sale, the chief executive officer owned 249,048 shares of the company’s stock, valued at approximately $2,552,742. This trade represents a 1.28% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,486,368 shares of company stock worth $16,211,332 in the last 90 days. 28.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its position in shares of Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after purchasing an additional 1,348 shares during the period. Asset Planning Inc boosted its holdings in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares during the period. EverSource Wealth Advisors LLC grew its stake in Joby Aviation by 284.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after buying an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Joby Aviation in the 4th quarter worth $28,000. Finally, Canton Hathaway LLC bought a new position in Joby Aviation in the 3rd quarter worth $29,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.