Joby Aviation (NYSE:JOBY) Shares Gap Down – Should You Sell?

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped down prior to trading on Friday . The stock had previously closed at $9.49, but opened at $8.98. Joby Aviation shares last traded at $8.89, with a volume of 5,858,521 shares changing hands.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several recent research reports. Needham & Company LLC started coverage on Joby Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. JPMorgan Chase & Co. cut shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the company from $5.00 to $6.00 in a research report on Friday. 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 report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Performance

The firm has a market cap of $6.82 billion, a P/E ratio of -12.74 and a beta of 2.33. The stock’s 50-day moving average is $7.56 and its 200 day moving average is $6.18.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same period in the prior year, the business earned ($0.13) EPS. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $9.84, for a total value of $2,460,000.00. Following the completion of the transaction, the chief executive officer now owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 6,005 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $7.65, for a total transaction of $45,938.25. Following the sale, the insider now directly owns 54,776 shares in the company, valued at $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. Insiders have sold a total of 355,160 shares of company stock worth $3,177,342 over the last ninety days. Company insiders own 32.40% of the company’s stock.

Institutional Investors Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Watts Gwilliam & Co. LLC bought a new position in shares of Joby Aviation in the 4th quarter valued at about $154,000. Everence Capital Management Inc. bought a new position in Joby Aviation during the fourth quarter worth about $142,000. Tidal Investments LLC increased its position in Joby Aviation by 13.7% during the third quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after buying an additional 3,522 shares during the last quarter. Geode Capital Management LLC raised its stake in Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after buying an additional 670,852 shares during the period. Finally, Kensington Investment Counsel LLC lifted its position in shares of Joby Aviation by 12.0% in the third quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock valued at $172,000 after buying an additional 3,653 shares during the last quarter. Institutional investors own 52.85% of the company’s stock.

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.