Joby Aviation (NYSE:JOBY) Trading Down 2% – Time to Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 2% on Tuesday . The company traded as low as $4.86 and last traded at $4.93. 3,050,177 shares were traded during trading, a decline of 45% from the average session volume of 5,501,911 shares. The stock had previously closed at $5.03.

Wall Street Analysts Forecast Growth

Several research analysts have commented on JOBY shares. Canaccord Genuity Group cut their price objective on Joby Aviation from $11.00 to $10.50 and set a “buy” rating on the stock in a research report on Thursday, August 8th. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th.

Joby Aviation Trading Down 8.6 %

The company has a market capitalization of $4.02 billion, a price-to-earnings ratio of -7.49 and a beta of 1.97. The stock has a 50-day simple moving average of $5.23 and a 200-day simple moving average of $5.21.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.28 million. During the same quarter last year, the company earned ($0.17) earnings per share. On average, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Transactions at Joby Aviation

In related news, insider Matthew Field sold 11,766 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $5.17, for a total value of $60,830.22. Following the completion of the sale, the insider now directly owns 299,880 shares of the company’s stock, valued at $1,550,379.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Joby Aviation news, insider Matthew Field sold 11,766 shares of Joby Aviation stock in a transaction on Friday, July 5th. The shares were sold at an average price of $5.17, for a total value of $60,830.22. Following the completion of the transaction, the insider now owns 299,880 shares of the company’s stock, valued at $1,550,379.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kate Dehoff sold 5,815 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $6.76, for a total transaction of $39,309.40. Following the sale, the insider now directly owns 199,413 shares in the company, valued at $1,348,031.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 490,831 shares of company stock valued at $2,468,020. Insiders own 32.40% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its holdings in shares of Joby Aviation by 216.3% during the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the period. Integris Wealth Management LLC acquired a new position in Joby Aviation during the 2nd quarter valued at about $54,000. Dakota Wealth Management bought a new position in Joby Aviation in the 2nd quarter worth about $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Joby Aviation in the second quarter valued at approximately $57,000. Finally, Choreo LLC bought a new stake in shares of Joby Aviation during the second quarter valued at approximately $60,000. 45.54% of the stock is currently owned by institutional investors and hedge funds.

About Joby Aviation

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.