Joby Aviation (NYSE:JOBY) Trading Down 0.9% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price fell 0.9% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $8.00 and last traded at $7.98. 2,813,166 shares were traded during mid-day trading, a decline of 79% from the average session volume of 13,161,767 shares. The stock had previously closed at $8.05.

Specifically, Director Paul Cahill Sciarra sold 333,334 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $8.02, for a total transaction of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares in the company, valued at approximately $470,464,387.90. This represents a 0.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several analysts have commented on JOBY shares. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Needham & Company LLC raised their price objective on shares of Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group raised their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Price Performance

The stock’s 50 day simple moving average is $8.39 and its two-hundred day simple moving average is $6.54. The firm has a market cap of $5.93 billion, a P/E ratio of -11.06 and a beta of 2.33.

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

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bouvel Investment Partners LLC increased its position in shares of Joby Aviation by 1.4% during the fourth quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after acquiring an additional 1,715 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Joby Aviation by 6.6% during the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after acquiring an additional 2,261 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Joby Aviation by 35.3% during the fourth quarter. Larson Financial Group LLC now owns 9,864 shares of the company’s stock valued at $80,000 after acquiring an additional 2,574 shares in the last quarter. Empowered Funds LLC increased its position in shares of Joby Aviation by 32.7% during the fourth quarter. Empowered Funds LLC now owns 13,409 shares of the company’s stock valued at $109,000 after acquiring an additional 3,308 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock valued at $44,000 after acquiring an additional 3,320 shares in the last quarter. Institutional investors own 52.85% of the company’s stock.

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.