Joby Aviation (NYSE:JOBY) Shares Down 2.7% – Should You Sell?

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 2.7% during trading on Monday . The stock traded as low as $13.48 and last traded at $13.5080. 16,183,088 shares were traded during mid-day trading, a decline of 38% from the average session volume of 26,015,539 shares. The stock had previously closed at $13.88.

Analysts Set New Price Targets

Several brokerages have weighed in on JOBY. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. JPMorgan Chase & Co. boosted their target price on Joby Aviation from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. The Goldman Sachs Group began coverage on Joby Aviation in a research report on Monday, December 1st. They issued a “sell” rating and a $10.00 price objective for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $13.43.

Joby Aviation Price Performance

The stock’s 50 day moving average is $14.77 and its two-hundred day moving average is $14.74. The firm has a market capitalization of $12.04 billion, a P/E ratio of -9.86 and a beta of 2.53.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The business had revenue of $22.57 million for the quarter, compared to analysts’ expectations of $0.02 million. The business’s revenue was up 7962.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Insider Buying and Selling

In other Joby Aviation news, insider Gregory Bowles sold 3,931 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $13.72, for a total value of $53,933.32. Following the transaction, the insider owned 159,085 shares of the company’s stock, valued at approximately $2,182,646.20. This represents a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Allison sold 27,537 shares of the stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the transaction, the insider directly owned 692,428 shares in the company, valued at $11,660,487.52. The trade was a 3.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 162,994 shares of company stock valued at $2,720,588 in the last three months. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of JOBY. Asset Planning Inc raised its holdings in Joby Aviation by 70.0% in the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after purchasing an additional 700 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Joby Aviation by 284.8% in the 2nd 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 in the last quarter. Canton Hathaway LLC acquired a new stake in Joby Aviation during the 3rd quarter worth $29,000. Strategic Advocates LLC acquired a new stake in Joby Aviation during the 3rd quarter worth $29,000. Finally, Hilltop National Bank bought a new position in Joby Aviation during the third quarter worth about $32,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.