Paul Cahill Sciarra Sells 416,666 Shares of Joby Aviation (NYSE:JOBY) Stock

Joby Aviation, Inc. (NYSE:JOBY) Director Paul Cahill Sciarra sold 416,666 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director directly owned 55,911,391 shares of the company’s stock, valued at approximately $672,054,919.82. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joby Aviation Stock Performance

JOBY traded up $0.09 during trading on Monday, reaching $11.99. 22,728,064 shares of the company’s stock were exchanged, compared to its average volume of 27,958,928. The company has a market capitalization of $11.80 billion, a P/E ratio of -10.43 and a beta of 2.66. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $9.50 and a 200 day moving average price of $11.63. Joby Aviation, Inc. has a fifty-two week low of $7.34 and a fifty-two week high of $20.95.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.09. The company had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter in the prior year, the company posted ($0.11) EPS. As a group, analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Joby Aviation by 13.2% during 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 during the last quarter. Renaissance Technologies LLC boosted its stake in Joby Aviation by 194.5% in the first quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock worth $33,083,000 after purchasing an additional 2,645,200 shares in the last quarter. Man Group plc acquired a new position in Joby Aviation in the third quarter worth $40,283,000. Norges Bank bought a new stake in shares of Joby Aviation during the fourth quarter worth $32,269,000. Finally, Clear Street Group Inc. bought a new stake in shares of Joby Aviation during the third quarter worth $36,264,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. Canaccord Genuity Group dropped their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Morgan Stanley decreased their price target on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $13.06.

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.