Joby Aviation (NYSE:JOBY) Stock Price Down 1.6% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) traded down 1.6% on Monday after an insider sold shares in the company. The stock traded as low as $10.16 and last traded at $10.6940. 42,637,947 shares were traded during trading, an increase of 54% from the average session volume of 27,709,170 shares. The stock had previously closed at $10.87.

Specifically, insider Eric Allison sold 74,844 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $10.00, for a total transaction of $748,440.00. Following the sale, the insider owned 676,008 shares in the company, valued at approximately $6,760,080. This trade represents a 9.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday. Morgan Stanley dropped their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation Trading Down 1.6%

The company’s 50-day moving average price is $9.18 and its 200-day moving average price is $12.20. The firm has a market cap of $10.47 billion, a price-to-earnings ratio of -9.30 and a beta of 2.61. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The business had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same quarter last year, the business earned ($0.11) earnings per share. Equities analysts expect that Joby Aviation, Inc. will post -0.85 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Institutional investors have recently modified their holdings of the stock. Strategic Advocates LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at about $29,000. Fifth Third Bancorp grew its position in shares of Joby Aviation by 207.4% in the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after purchasing an additional 1,348 shares during the period. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Joby Aviation in the fourth quarter valued at about $28,000. Ancora Advisors LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at about $35,000. Finally, Pandora Wealth Inc. acquired a new stake in shares of Joby Aviation in the fourth quarter valued at about $32,000. Institutional investors and hedge funds 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.