Joby Aviation (NYSE:JOBY) Shares Down 7.2% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) fell 7.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $9.35 and last traded at $9.53. 10,314,924 shares changed hands during trading, a decline of 47% from the average session volume of 19,417,793 shares. The stock had previously closed at $10.27.

Specifically, insider Didier Papadopoulos sold 7,692 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the transaction, the insider now directly owns 50,902 shares of the company’s stock, valued at approximately $509,020. The trade was a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the sale, the chief executive officer now directly owns 32,325,793 shares in the company, valued at $318,085,803.12. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. In related news, CEO Joeben Bevirt sold 23,886 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the transaction, the chief executive officer now directly owns 768,293 shares in the company, valued at $6,207,807.44. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Ratings Changes

JOBY has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. Canaccord Genuity Group upped their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. JPMorgan Chase & Co. cut their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Tuesday, October 29th. Finally, Needham & Company LLC initiated coverage on Joby Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $8.00 target price on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.70.

Joby Aviation Trading Down 7.3 %

The company has a fifty day moving average of $7.46 and a 200-day moving average of $6.15. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of -13.60 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, equities research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its position in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after buying an additional 670,852 shares in the last quarter. State Street Corp increased its stake in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock worth $47,144,000 after acquiring an additional 812,248 shares during the last quarter. Ieq Capital LLC raised its holdings in shares of Joby Aviation by 68.6% during the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after acquiring an additional 1,807,054 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after acquiring an additional 435,069 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its position in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.