Joby Aviation (NYSE:JOBY) Stock Price Down 7.3% After Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 7.3% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $5.52 and last traded at $5.69. 10,109,784 shares changed hands during trading, an increase of 72% from the average session volume of 5,890,566 shares. The stock had previously closed at $6.14.

Specifically, Director Paul Cahill Sciarra sold 166,666 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several research firms have weighed in on JOBY. JPMorgan Chase & Co. increased their target price on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday. Canaccord Genuity Group cut their target price on Joby Aviation from $11.00 to $10.50 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Wednesday.

Joby Aviation Stock Performance

The stock has a 50-day moving average of $5.23 and a 200-day moving average of $5.21. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -7.49 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. Sell-side analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of JOBY. Susquehanna Fundamental Investments LLC increased its stake in shares of Joby Aviation by 1,018.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after buying an additional 616,579 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Joby Aviation by 215.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock valued at $1,965,000 after buying an additional 270,794 shares during the period. Rhumbline Advisers grew its stake in Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after purchasing an additional 115,483 shares during the period. Vanguard Group Inc. grew its stake in Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after purchasing an additional 92,508 shares during the period. 45.54% of the stock is currently owned by institutional investors.

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.