Joby Aviation (NYSE:JOBY) Shares Down 3.1% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $9.77 and last traded at $10.0280. 23,445,613 shares traded hands during trading, a decline of 15% from the average session volume of 27,629,400 shares. The stock had previously closed at $10.35.

Wall Street Analyst Weigh In

Several research firms have issued reports on JOBY. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Morgan Stanley dropped their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $13.06.

Joby Aviation Price Performance

The company has a market capitalization of $9.86 billion, a P/E ratio of -8.72 and a beta of 2.61. The company’s 50-day moving average price is $9.28 and its two-hundred day moving average price is $11.93. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same period in the prior year, the firm earned ($0.11) earnings per share. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Insider Buying and Selling at Joby Aviation

In related news, CEO Joeben Bevirt sold 421,019 shares of the firm’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the transaction, the chief executive officer directly owned 31,678,802 shares of the company’s stock, valued at approximately $328,825,964.76. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 14,295 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $8.73, for a total transaction of $124,795.35. Following the transaction, the insider directly owned 163,567 shares in the company, valued at approximately $1,427,939.91. This represents a 8.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,096,111 shares of company stock valued at $10,504,153 in the last quarter. Company insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Royal Bank of Canada increased its position in Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after acquiring an additional 44,659 shares during the period. AQR Capital Management LLC bought a new position in Joby Aviation during the first quarter worth about $273,000. Strs Ohio bought a new position in Joby Aviation during the first quarter worth about $37,000. Cetera Investment Advisers increased its position in Joby Aviation by 16.0% during the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after acquiring an additional 8,840 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Joby Aviation by 80.1% during the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after acquiring an additional 333,995 shares during the period. 52.85% of the stock is owned by institutional investors.

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.