Joby Aviation (NYSE:JOBY) Shares Down 1.3% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 1.3% during mid-day trading on Friday . The stock traded as low as $7.33 and last traded at $7.37. Approximately 2,717,092 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 13,050,564 shares. The stock had previously closed at $7.47.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Needham & Company LLC increased their target price on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Canaccord Genuity Group raised their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their price target for the stock from $5.00 to $6.00 in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Stock Down 6.6 %

The business’s fifty day moving average price is $8.25 and its 200 day moving average price is $6.66. The firm has a market capitalization of $5.34 billion, a PE ratio of -9.96 and a beta of 2.33.

Insiders Place Their Bets

In other news, Director Paul Cahill Sciarra sold 333,334 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the sale, the director now owns 58,661,395 shares in the company, valued at $470,464,387.90. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Didier Papadopoulos sold 6,005 shares of Joby Aviation stock in a transaction on Monday, December 16th. The shares were sold at an average price of $7.65, for a total transaction of $45,938.25. Following the completion of the transaction, the insider now owns 54,776 shares in the company, valued at approximately $419,036.40. This trade represents a 9.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,023,005 shares of company stock valued at $8,667,288. 32.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. purchased a new position in shares of Joby Aviation during the 4th quarter worth approximately $38,000. Allworth Financial LP raised its position in Joby Aviation by 200.6% in the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after acquiring an additional 3,320 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Joby Aviation in the fourth quarter valued at $41,000. Toronto Dominion Bank purchased a new stake in shares of Joby Aviation during the 4th quarter worth $41,000. Finally, Salem Investment Counselors Inc. grew its stake in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company’s stock worth $41,000 after purchasing an additional 5,000 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.