Joby Aviation (NYSE:JOBY) Trading Down 4.2% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 4.2% during trading on Friday . The stock traded as low as $7.96 and last traded at $8.1150. Approximately 27,218,659 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 27,437,957 shares. The stock had previously closed at $8.47.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. The Goldman Sachs Group started coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective 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. Needham & Company LLC cut their target price on Joby Aviation to $18.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Finally, Oppenheimer set a $18.00 target price on Joby Aviation in a report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $13.81.

Joby Aviation Stock Down 4.2%

The stock has a market cap of $7.40 billion, a price-to-earnings ratio of -7.12 and a beta of 2.59. The company has a 50 day simple moving average of $10.69 and a 200 day simple moving average of $13.65.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The company had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. The company’s revenue for the quarter was up 5506.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.34) earnings per share. As a group, analysts predict 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 110,173 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $13.85, for a total value of $1,525,896.05. Following the sale, the insider owned 125,114 shares in the company, valued at $1,732,828.90. This trade represents a 46.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric Allison sold 32,448 shares of the business’s stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $13.25, for a total transaction of $429,936.00. Following the sale, the insider directly owned 659,980 shares in the company, valued at approximately $8,744,735. The trade was a 4.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 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.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in Joby Aviation by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after acquiring an additional 2,540,382 shares during the last quarter. Geode Capital Management LLC raised its position in Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after purchasing an additional 390,794 shares during the last quarter. State Street Corp raised its position in Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after purchasing an additional 512,129 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Joby Aviation by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock valued at $57,697,000 after purchasing an additional 271,475 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Joby Aviation by 41.2% during the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after purchasing an additional 1,223,412 shares in the last quarter. Institutional investors and hedge funds own 52.85% of the company’s stock.

About Joby Aviation

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.