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

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $7.39, but opened at $7.05. Joby Aviation shares last traded at $7.07, with a volume of 2,365,749 shares traded.

Specifically, CEO Joeben Bevirt sold 101,652 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $6.66, for a total transaction of $677,002.32. Following the sale, the chief executive officer now owns 60,526,762 shares of the company’s stock, valued at $403,108,234.92. This trade represents a 0.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research note on Thursday, February 27th. Canaccord Genuity Group raised their target price on Joby Aviation from $11.50 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.67.

Joby Aviation Trading Down 4.4%

The firm has a fifty day moving average of $6.28 and a two-hundred day moving average of $7.14. The company has a market cap of $5.57 billion, a PE ratio of -10.05 and a beta of 2.34.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. During the same quarter in the previous year, the business posted ($0.14) EPS. Sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Joby Aviation

Several large investors have recently added to or reduced their stakes in the business. Toyota Motor Corp purchased a new stake in Joby Aviation during the fourth quarter valued at about $640,259,000. Baillie Gifford & Co. lifted its holdings in Joby Aviation by 4.3% in the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after buying an additional 2,281,161 shares during the period. Vanguard Group Inc. increased its position in shares of Joby Aviation by 15.8% during the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after buying an additional 6,388,232 shares during the period. Uber Technologies Inc purchased a new position in shares of Joby Aviation in the 4th quarter valued at approximately $207,842,000. Finally, Geode Capital Management LLC lifted its position in Joby Aviation by 8.7% during the 4th quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock valued at $83,015,000 after acquiring an additional 817,638 shares during the period. Institutional investors 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.