Joby Aviation (NYSE:JOBY) Shares Down 0.8% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 0.8% on Wednesday after an insider sold shares in the company. The stock traded as low as $5.18 and last traded at $5.22. Approximately 598,675 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,475,564 shares. The stock had previously closed at $5.26.

Specifically, insider Didier Papadopoulos sold 6,025 shares of Joby Aviation stock in a transaction on Monday, September 16th. The stock was sold at an average price of $5.33, for a total value of $32,113.25. Following the transaction, the insider now owns 47,474 shares in the company, valued at $253,036.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reduced their price objective 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 9th. JPMorgan Chase & Co. increased their price objective on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright initiated coverage on shares of Joby Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $9.00 target price on the stock.

Joby Aviation Price Performance

The stock has a fifty day simple moving average of $5.51 and a two-hundred day simple moving average of $5.22.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.28 million. During the same quarter last year, the company posted ($0.17) earnings per share. As a group, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Sanctuary Advisors LLC acquired a new position in shares of Joby Aviation in the 2nd quarter valued at approximately $81,000. EP Wealth Advisors LLC acquired a new position in Joby Aviation during the 2nd quarter worth $165,000. Algert Global LLC acquired a new position in Joby Aviation during the 2nd quarter worth $90,000. Susquehanna Fundamental Investments LLC grew its holdings in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after acquiring an additional 616,579 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Joby Aviation by 28.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock valued at $1,266,000 after purchasing an additional 55,340 shares in the last quarter. 45.54% of the stock is 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.