Joby Aviation (NYSE:JOBY) Shares Gap Down to $3.96

Shares of Joby Aviation, Inc. (NYSE:JOBY – Get Rating) gapped down before the market opened on Monday . The stock had previously closed at $3.96, but opened at $3.70. Joby Aviation shares last traded at $3.87, with a volume of 1,289,137 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on JOBY. Barclays cut their price objective on shares of Joby Aviation from $6.00 to $4.50 and set an “equal weight” rating on the stock in a report on Tuesday, November 15th. Deutsche Bank Aktiengesellschaft lowered shares of Joby Aviation from a “hold” rating to a “sell” rating and cut their price objective for the stock from $6.00 to $4.00 in a report on Tuesday, March 7th. Finally, Morgan Stanley cut their price objective on shares of Joby Aviation from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $6.90.

Joby Aviation Price Performance

The company’s fifty day moving average is $4.21 and its 200 day moving average is $4.31.

Joby Aviation (NYSE:JOBY – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.04. As a group, equities analysts expect that Joby Aviation, Inc. will post -0.66 EPS for the current fiscal year.

Insider Buying and Selling at Joby Aviation

In other Joby Aviation news, insider Matthew Field sold 9,478 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $3.44, for a total value of $32,604.32. Following the completion of the sale, the insider now owns 135,956 shares of the company’s stock, valued at $467,688.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Joby Aviation news, insider Matthew Field sold 9,478 shares of the firm’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $3.44, for a total value of $32,604.32. Following the sale, the insider now directly owns 135,956 shares in the company, valued at $467,688.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joeben Bevirt sold 139,578 shares of the firm’s stock in a transaction on Thursday, January 12th. The shares were sold at an average price of $3.69, for a total value of $515,042.82. Following the completion of the sale, the chief executive officer now owns 487,680 shares in the company, valued at $1,799,539.20. The disclosure for this sale can be found here. Insiders sold 261,004 shares of company stock valued at $1,054,512 over the last 90 days. 51.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of JOBY. Allspring Global Investments Holdings LLC purchased a new position in Joby Aviation in the 3rd quarter worth about $28,000. Toroso Investments LLC purchased a new position in Joby Aviation in the 4th quarter worth about $36,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Joby Aviation by 9,041.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,152 shares of the company’s stock worth $37,000 after purchasing an additional 11,030 shares in the last quarter. IFP Advisors Inc grew its stake in Joby Aviation by 486.7% during the 3rd quarter. IFP Advisors Inc now owns 3,737 shares of the company’s stock valued at $38,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. purchased a new position in Joby Aviation during the 4th quarter valued at about $39,000. 29.14% of the stock is currently owned by institutional investors.

About Joby Aviation

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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. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.