Joby Aviation (NYSE:JOBY) Trading Down 2.2% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) dropped 2.2% on Thursday following insider selling activity. The company traded as low as $5.38 and last traded at $5.43. Approximately 1,617,208 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 6,049,402 shares. The stock had previously closed at $5.55.

Specifically, insider Kate Dehoff sold 27,898 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $5.50, for a total transaction of $153,439.00. Following the completion of the transaction, the insider now owns 199,413 shares of the company’s stock, valued at approximately $1,096,771.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric Allison sold 27,817 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $5.56, for a total value of $154,662.52. Following the transaction, the insider now directly owns 463,151 shares of the company’s stock, valued at $2,575,119.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several research firms have weighed in on JOBY. Canaccord Genuity Group reissued a “buy” rating and set a $10.50 price target on shares of Joby Aviation in a research report on Friday, October 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. JPMorgan Chase & Co. raised their price target on 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 reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd.

Joby Aviation Price Performance

The stock has a 50-day moving average price of $5.24 and a 200 day moving average price of $5.24.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.28 million. During the same period in the prior year, the firm earned ($0.17) EPS. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Joby Aviation

Institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC grew 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 valued at $3,453,000 after acquiring an additional 616,579 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Joby Aviation by 215.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock valued at $1,965,000 after acquiring an additional 270,794 shares during the period. Rhumbline Advisers grew its position in Joby Aviation by 26.7% during the second quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after acquiring an additional 115,483 shares during the period. Vanguard Group Inc. grew its position in Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after acquiring an additional 2,889,012 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after purchasing an additional 92,508 shares in the last quarter. Hedge funds and other institutional investors own 45.54% 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.