Joby Aviation (NYSE:JOBY) Trading Down 3.2% – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY) shares were down 3.2% on Tuesday . The stock traded as low as $8.89 and last traded at $8.9860. Approximately 18,747,284 shares were traded during trading, a decline of 32% from the average daily volume of 27,704,037 shares. The stock had previously closed at $9.28.

Analysts Set New Price Targets

Several brokerages have commented on JOBY. JPMorgan Chase & Co. decreased their price target 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 reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research report on Thursday, January 22nd. Canaccord Genuity Group reiterated a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Oppenheimer set a $18.00 target price on Joby Aviation in a report on Thursday, February 26th. Finally, The Goldman Sachs Group began coverage on Joby Aviation in a research note on Monday, December 1st. They set a “sell” rating and a $10.00 target price for the company. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $13.81.

Joby Aviation Price Performance

The business’s 50 day moving average is $11.06 and its 200-day moving average is $13.75. The company has a market cap of $8.19 billion, a PE ratio of -7.88 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analysts’ expectations of $16.88 million. During the same period in the prior year, the company posted ($0.34) earnings per share. The company’s revenue for the quarter was up 5506.5% on a year-over-year basis. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Insider Activity

In other Joby Aviation news, insider Kate Dehoff sold 28,260 shares of the firm’s stock in a transaction on Wednesday, January 14th. The stock was sold at an average price of $14.72, for a total value of $415,987.20. Following the sale, the insider directly owned 149,369 shares in the company, valued at $2,198,711.68. This trade represents a 15.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Bonny W. Simi sold 110,173 shares of the company’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $13.85, for a total value of $1,525,896.05. Following the transaction, the insider directly owned 125,114 shares of the company’s stock, valued at approximately $1,732,828.90. This represents a 46.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,486,368 shares of company stock worth $16,211,332. 28.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after purchasing an additional 5,828,189 shares during the last quarter. Man Group plc purchased a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $40,283,000. Norges Bank acquired a new position in shares of Joby Aviation in the 4th quarter valued at $32,269,000. Clear Street Group Inc. acquired a new position in shares of Joby Aviation in the 3rd quarter valued at $36,264,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Joby Aviation by 80.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company’s stock valued at $44,672,000 after buying an additional 1,512,094 shares during the last quarter. 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.