Joby Aviation (NYSE:JOBY) Trading Down 3.3% – What’s Next?

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 3.3% during trading on Monday . The stock traded as low as $9.31 and last traded at $9.5460. Approximately 21,488,451 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 29,506,129 shares. The stock had previously closed at $9.87.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on JOBY. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Joby Aviation in a research report on Thursday, November 6th. HC Wainwright reiterated a “neutral” rating on shares of Joby Aviation in a research note on Monday, November 24th. The Goldman Sachs Group began coverage on shares of Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 price target on the stock. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $13.21.

Joby Aviation Stock Down 3.3%

The stock has a fifty day simple moving average of $12.90 and a 200-day simple moving average of $14.51. The company has a market capitalization of $8.70 billion, a P/E ratio of -7.12 and a beta of 2.57.

Insider Activity

In other news, insider Eric Allison sold 32,448 shares of the firm’s stock in a transaction that occurred on Tuesday, December 30th. The shares were sold at an average price of $13.25, for a total transaction of $429,936.00. Following the completion of the sale, the insider owned 659,980 shares of the company’s stock, valued at approximately $8,744,735. This trade represents a 4.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 507,182 shares of Joby Aviation stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $10.62, for a total transaction of $5,386,272.84. Following the completion of the transaction, the chief executive officer owned 31,997,802 shares of the company’s stock, valued at $339,816,657.24. This trade represents a 1.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,458,924 shares of company stock valued at $15,992,945. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. Fifth Third Bancorp raised its position in Joby Aviation by 207.4% in the 4th 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 last quarter. Asset Planning Inc increased its stake in shares of Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after buying an additional 700 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Joby Aviation by 284.8% in the second 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. Canton Hathaway LLC acquired a new position in Joby Aviation during the 3rd quarter worth about $29,000. Finally, Strategic Advocates LLC acquired a new position in Joby Aviation during the 3rd quarter worth about $29,000. 52.85% of the stock is owned by institutional investors and hedge funds.

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.