Joby Aviation (NYSE:JOBY) Shares Down 3.9% Following Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 3.9% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $9.53 and last traded at $9.5450. Approximately 17,586,343 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 28,300,111 shares. The stock had previously closed at $9.93.

Specifically, insider Didier Papadopoulos sold 2,594 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $9.85, for a total value of $25,550.90. Following the transaction, the insider directly owned 135,541 shares of the company’s stock, valued at approximately $1,335,078.85. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Didier Papadopoulos sold 4,231 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $9.94, for a total value of $42,056.14. Following the completion of the transaction, the insider owned 138,135 shares of the company’s stock, valued at $1,373,061.90. The trade was a 2.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reiterated a “hold” rating and set a $15.50 price objective on shares of Joby Aviation in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. cut their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. Needham & Company LLC reduced their price target on shares of Joby Aviation to $18.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. The Goldman Sachs Group began coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 price target on the stock. Finally, Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Trading Down 3.9%

The business has a 50-day moving average price of $11.54 and a 200 day moving average price of $13.87. The stock has a market capitalization of $8.70 billion, a P/E ratio of -8.37 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The business had revenue of $30.84 million during the quarter, compared to the consensus estimate of $16.88 million. During the same quarter in the prior year, the firm posted ($0.34) EPS. The company’s revenue for the quarter was up 5506.5% on a year-over-year basis. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the business. GPS Wealth Strategies Group LLC lifted its holdings in shares of Joby Aviation by 22.5% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company’s stock valued at $61,000 after acquiring an additional 697 shares during the last quarter. Asset Planning Inc increased its stake in Joby Aviation by 70.0% during the third quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after acquiring an additional 700 shares during the last quarter. GoalVest Advisory LLC raised its position in Joby Aviation by 2.1% during the fourth quarter. GoalVest Advisory LLC now owns 33,500 shares of the company’s stock valued at $442,000 after purchasing an additional 700 shares during the period. Thrivent Financial for Lutherans raised its position in Joby Aviation by 4.6% during the third quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock valued at $270,000 after purchasing an additional 736 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of Joby Aviation by 11.9% in the 2nd quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock valued at $76,000 after purchasing an additional 763 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.