Joby Aviation (NYSE:JOBY) Shares Down 3.9% – Here’s Why

Joby Aviation, Inc. (NYSE:JOBY) dropped 3.9% on Friday . The stock traded as low as $9.79 and last traded at $9.8550. Approximately 19,198,108 shares traded hands during trading, a decline of 35% from the average daily volume of 29,741,461 shares. The stock had previously closed at $10.25.

Analyst Ratings Changes

A number of equities analysts have issued reports on JOBY shares. JPMorgan Chase & Co. upped 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. Zacks Research upgraded Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $15.50 price objective on shares of Joby Aviation in a research note on Tuesday, February 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a research report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Joby Aviation presently has an average rating of “Reduce” and a consensus target price of $13.21.

Joby Aviation Trading Down 3.9%

The business has a 50-day simple moving average of $13.00 and a 200 day simple moving average of $14.60. The stock has a market cap of $8.99 billion, a P/E ratio of -7.35 and a beta of 2.57.

Insiders Place Their Bets

In other Joby Aviation news, insider Eric Allison sold 9,815 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $9.88, for a total transaction of $96,972.20. Following the completion of the sale, the insider owned 713,268 shares of the company’s stock, valued at approximately $7,047,087.84. This represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kate Dehoff sold 8,539 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $9.88, for a total transaction of $84,365.32. Following the transaction, the insider owned 159,877 shares of the company’s stock, valued at approximately $1,579,584.76. The trade was a 5.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,463,528 shares of company stock valued at $16,054,224 over the last three months. Insiders own 28.50% of the company’s stock.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently bought and sold shares of JOBY. Toyota Motor Corp boosted its position in Joby Aviation by 63.1% during the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company’s stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Joby Aviation by 13.2% in the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock worth $806,166,000 after acquiring an additional 5,828,189 shares in the last quarter. Man Group plc acquired a new position in shares of Joby Aviation in the 3rd quarter valued at about $40,283,000. Norges Bank bought a new stake in shares of Joby Aviation during the 4th quarter valued at about $32,269,000. Finally, Clear Street Group Inc. bought a new stake in shares of Joby Aviation during the 3rd quarter valued at about $36,264,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.