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

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $5.32, but opened at $5.20. Joby Aviation shares last traded at $5.26, with a volume of 262,768 shares.

Specifically, insider Didier Papadopoulos sold 6,025 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $5.33, for a total value of $32,113.25. Following the transaction, the insider now directly owns 47,474 shares in the company, valued at $253,036.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on JOBY. 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 note on Wednesday, July 24th. Canaccord Genuity Group reduced their price objective on Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 9th. Finally, HC Wainwright started coverage on Joby Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $9.00 price target for the company.

Joby Aviation Stock Performance

The company has a market capitalization of $3.72 billion, a PE ratio of -6.84 and a beta of 1.97. The stock’s fifty day simple moving average is $5.53 and its 200-day simple moving average is $5.22.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same period in the previous year, the company posted ($0.17) EPS. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in JOBY. Victory Capital Management Inc. boosted its holdings in shares of Joby Aviation by 25.2% in the 4th quarter. Victory Capital Management Inc. now owns 51,534 shares of the company’s stock valued at $343,000 after purchasing an additional 10,367 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Joby Aviation during the fourth quarter valued at about $77,000. Charles Schwab Investment Management Inc. increased its stake in Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company’s stock worth $25,394,000 after acquiring an additional 64,404 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Joby Aviation in the 4th quarter worth about $86,000. Finally, Janney Montgomery Scott LLC lifted its stake 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 valued at $730,000 after purchasing an additional 4,445 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.