Joby Aviation (NYSE:JOBY) Shares Down 2.2% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) fell 2.2% during trading on Thursday after an insider sold shares in the company. The company traded as low as $5.38 and last traded at $5.43. 1,617,208 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 6,049,402 shares. The stock had previously closed at $5.55.

Specifically, insider Kate Dehoff sold 27,898 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total value of $153,439.00. Following the completion of the transaction, the insider now directly owns 199,413 shares of the company’s stock, valued at $1,096,771.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Eric Allison sold 27,817 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the transaction, the insider now directly owns 463,151 shares of the company’s stock, valued at approximately $2,575,119.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. increased their target price on Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Canaccord Genuity Group restated a “buy” rating and set a $10.50 target price on shares of Joby Aviation in a research report on Friday, October 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th.

Joby Aviation Price Performance

The company has a market capitalization of $3.97 billion, a P/E ratio of -7.38 and a beta of 1.97. The company has a 50 day moving average of $5.25 and a 200-day moving average of $5.25.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). The business had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.28 million. During the same period in the previous year, the business earned ($0.17) earnings per share. Research 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 bought and sold shares of JOBY. Caprock Group LLC purchased a new stake in Joby Aviation in the first quarter worth about $239,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Joby Aviation by 215.1% during 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 purchasing an additional 270,794 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock valued at $1,084,000 after purchasing an additional 92,508 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Joby Aviation during the first quarter valued at approximately $324,000. Finally, ProShare Advisors LLC lifted its holdings in shares of Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock valued at $269,000 after purchasing an additional 3,942 shares during the last quarter. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

About Joby Aviation

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.