Joby Aviation (NYSE:JOBY) Shares Down 7.2% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 7.2% during trading on Wednesday following insider selling activity. The company traded as low as $9.35 and last traded at $9.53. 10,314,924 shares were traded during trading, a decline of 47% from the average session volume of 19,417,793 shares. The stock had previously closed at $10.27.

Specifically, insider Didier Papadopoulos sold 7,692 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the sale, the insider now owns 50,902 shares of the company’s stock, valued at $509,020. This represents a 13.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the chief executive officer now directly owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In other news, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Finally, Needham & Company LLC assumed coverage on Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.70.

Joby Aviation Stock Down 7.2 %

The firm has a 50 day moving average price of $7.37 and a two-hundred day moving average price of $6.13. The company has a market cap of $7.29 billion, a price-to-earnings ratio of -13.61 and a beta of 2.33.

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

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after buying an additional 435,069 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Joby Aviation by 59.6% during the 2nd quarter. Principal Financial Group Inc. now owns 54,294 shares of the company’s stock worth $277,000 after purchasing an additional 20,280 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Joby Aviation by 67.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 102,399 shares of the company’s stock valued at $522,000 after buying an additional 41,128 shares during the period. CIBC Asset Management Inc bought a new stake in Joby Aviation in the 2nd quarter valued at about $101,000. Finally, Rhumbline Advisers grew its stake in Joby Aviation by 26.7% in the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after acquiring an additional 115,483 shares during the period. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.