Joby Aviation (NYSE:JOBY) Shares Down 6.6% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares were down 6.6% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $5.02 and last traded at $5.29. Approximately 6,163,285 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 10,917,517 shares. The stock had previously closed at $5.66.

Specifically, CEO Joeben Bevirt sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the sale, the chief executive officer now directly owns 32,275,793 shares in the company, valued at $190,104,420.77. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kate Dehoff sold 9,720 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total value of $58,320.00. Following the completion of the transaction, the insider now owns 219,366 shares of the company’s stock, valued at approximately $1,316,196. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on JOBY shares. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Price Performance

The company’s 50-day simple moving average is $6.96 and its two-hundred day simple moving average is $6.93. The firm has a market capitalization of $4.22 billion, a P/E ratio of -7.65 and a beta of 2.35.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. bought a new stake in Joby Aviation during the 4th quarter valued at approximately $38,000. Allworth Financial LP raised 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 buying an additional 3,320 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new position in shares of Joby Aviation in the fourth quarter worth $41,000. Toronto Dominion Bank bought a new position in shares of Joby Aviation during the fourth quarter worth $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new position in Joby Aviation during the fourth quarter valued at $41,000. 52.85% of the stock is currently owned by institutional investors.

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.