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

Joby Aviation, Inc. (NYSE:JOBY)’s share price was down 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. Approximately 10,314,924 shares traded hands during trading, a decline of 47% from the average daily volume of 19,417,793 shares. The stock had previously closed at $10.27.

Specifically, insider Didier Papadopoulos sold 7,692 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $10.00, for a total transaction of $76,920.00. Following the completion of the transaction, the insider now owns 50,902 shares in the company, valued at $509,020. This trade represents a 13.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total transaction of $192,998.88. Following the completion of the transaction, the chief executive officer now owns 768,293 shares in the company, valued at $6,207,807.44. This trade represents a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

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

Joby Aviation Price Performance

The business’s 50 day moving average price is $7.56 and its 200-day moving average price is $6.18. The company has a market cap of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same quarter last year, the firm earned ($0.13) EPS. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of JOBY. Geode Capital Management LLC grew its holdings in Joby Aviation by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after acquiring an additional 670,852 shares during the period. State Street Corp grew its holdings in Joby Aviation by 9.5% during 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 period. Ieq Capital LLC grew its holdings in 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 grew its holdings in 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 worth $7,521,000 after acquiring an additional 435,069 shares during the period. Finally, 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 during the period. 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.