Joby Aviation (NYSE:JOBY) Trading Down 2% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 2% during mid-day trading on Tuesday . The company traded as low as $6.58 and last traded at $6.64. 2,063,574 shares were traded during mid-day trading, a decline of 81% from the average session volume of 10,692,852 shares. The stock had previously closed at $6.77.

Wall Street Analysts Forecast Growth

JOBY has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group boosted their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Down 1.4 %

The stock has a 50-day simple moving average of $7.38 and a two-hundred day simple moving average of $6.90. The firm has a market cap of $5.26 billion, a PE ratio of -9.54 and a beta of 2.35.

Insider Buying and Selling

In other news, insider Didier Papadopoulos sold 7,692 shares of Joby Aviation stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the transaction, the insider now owns 50,902 shares in the company, valued at approximately $509,020. The trade was a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joeben Bevirt sold 10,785 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $7.43, for a total value of $80,132.55. Following the sale, the chief executive officer now owns 793,036 shares of the company’s stock, valued at $5,892,257.48. This represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,015,470 shares of company stock worth $8,600,479 in the last quarter. 32.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of JOBY. Toyota Motor Corp bought a new position in shares of Joby Aviation in the fourth quarter worth approximately $640,259,000. Uber Technologies Inc purchased a new stake in Joby Aviation during the 4th quarter valued at $207,842,000. Vanguard Group Inc. grew its holdings in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after acquiring an additional 6,388,232 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after acquiring an additional 3,272,597 shares during the period. Finally, Baillie Gifford & Co. raised its stake in shares of Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock valued at $447,412,000 after acquiring an additional 2,281,161 shares during the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.

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.