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

Joby Aviation, Inc. (NYSE:JOBY) was down 7.2% during trading on Wednesday following insider selling activity. 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 stock in a transaction on Monday, January 6th. The stock was sold at an average price of $10.00, for a total transaction of $76,920.00. Following the transaction, the insider now owns 50,902 shares of the company’s stock, valued at approximately $509,020. This represents a 13.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the company’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 completion of the sale, the chief executive officer now directly owns 32,325,793 shares of the company’s stock, valued at approximately $318,085,803.12. This trade represents a 0.77 % decrease in their ownership of the stock. 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 transaction, the chief executive officer now owns 768,293 shares of the company’s stock, valued at approximately $6,207,807.44. This trade represents a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on JOBY shares. Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, December 18th. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.70.

Joby Aviation Stock Performance

The firm has a fifty day moving average price of $7.46 and a 200 day moving average price of $6.15. The stock has a market cap of $7.28 billion, a PE ratio of -13.60 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results 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 business had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same period in the prior year, the business posted ($0.13) EPS. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Institutional Trading of Joby Aviation

Institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC increased its holdings in Joby Aviation by 68.6% in the 2nd quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares during the period. State Street Corp increased its stake in shares of Joby Aviation by 9.5% in the third 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. Geode Capital Management LLC increased its stake in shares of Joby Aviation by 7.7% in the third 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. Susquehanna Fundamental Investments LLC raised its holdings in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Joby Aviation by 41.8% during the second quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after purchasing an additional 435,069 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.