Joby Aviation (NYSE:JOBY) Trading Down 0.4% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 0.4% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $5.08 and last traded at $5.09. Approximately 711,363 shares traded hands during trading, a decline of 86% from the average daily volume of 5,036,769 shares. The stock had previously closed at $5.11.

Specifically, insider Matthew Field sold 5,642 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $5.19, for a total transaction of $29,281.98. Following the sale, the insider now directly owns 294,238 shares of the company’s stock, valued at approximately $1,527,095.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Matthew Field sold 5,642 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $5.19, for a total value of $29,281.98. Following the transaction, the insider now owns 294,238 shares in the company, valued at approximately $1,527,095.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Allison sold 19,393 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $4.70, for a total transaction of $91,147.10. Following the transaction, the insider now owns 422,592 shares in the company, valued at approximately $1,986,182.40. The disclosure for this sale can be found here. Insiders have sold 354,975 shares of company stock valued at $1,733,124 in the last ninety days. 32.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on JOBY shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, July 1st. JPMorgan Chase & Co. upgraded shares of Joby Aviation from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research note on Friday, May 3rd.

Joby Aviation Price Performance

The stock has a market capitalization of $3.68 billion, a PE ratio of -6.82 and a beta of 2.00. The business’s fifty day moving average price is $5.04 and its 200-day moving average price is $5.38.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 7th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $0.03 million during the quarter, compared to analysts’ expectations of $0.05 million. During the same period in the prior year, the business earned ($0.16) earnings per share. The company’s revenue for the quarter was down 97.5% compared to the same quarter last year. On average, analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC lifted its position in Joby Aviation by 18.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 20,317 shares of the company’s stock valued at $135,000 after buying an additional 3,120 shares during the period. ProShare Advisors LLC lifted its position in 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 buying an additional 3,942 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Joby Aviation by 4.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 109,715 shares of the company’s stock worth $730,000 after purchasing an additional 4,445 shares during the last quarter. Cetera Advisors LLC raised its position in shares of Joby Aviation by 32.9% in the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after purchasing an additional 5,025 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. raised its position in shares of Joby Aviation by 3.9% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 150,393 shares of the company’s stock worth $1,000,000 after purchasing an additional 5,704 shares during the last quarter. Hedge funds and other institutional investors own 45.54% 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.