Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells 7,832 Shares

Joby Aviation, Inc. (NYSE:JOBY) insider Bonny Simi sold 7,832 shares of the business’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total value of $69,861.44. Following the completion of the transaction, the insider directly owned 231,687 shares of the company’s stock, valued at approximately $2,066,648.04. The trade was a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Joby Aviation Stock Up 5.2%

JOBY stock traded up $0.45 during mid-day trading on Monday, hitting $8.94. 55,744,434 shares of the company were exchanged, compared to its average volume of 30,442,541. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The firm has a market cap of $8.79 billion, a P/E ratio of -7.77 and a beta of 2.71. The firm’s 50 day simple moving average is $9.94 and its 200 day simple moving average is $10.73. Joby Aviation, Inc. has a 1-year low of $7.75 and a 1-year high of $20.95.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million during the quarter, compared to the consensus estimate of $20.17 million. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. On average, sell-side analysts predict that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Key Stories Impacting Joby Aviation

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Investor excitement increased after reports highlighted Toyota’s support for Joby’s all-electric air taxis and the company’s progress toward vertical flight and production readiness. Toyota backs Joby’s all-electric air taxis as production aircraft prepare for vertical flight
• Positive Sentiment: Joby also announced it is expanding manufacturing capacity in California and Ohio and adding aircraft to its fleet, reinforcing the narrative that it is scaling operations ahead of commercialization. Joby Expands Manufacturing Capacity in California and Ohio, Adds New Aircraft to Its Fleet
• Positive Sentiment: Several market commentaries pointed to a strong Monday rally, saying Joby’s valuation got another lift as traders focused on expansion and air taxi growth prospects. Why Joby Aviation Stock Is Surging Today
• Neutral Sentiment: Multiple executives and insiders, including the CEO, CFO, and other senior leaders, sold shares this week, but the filings say the sales were primarily to cover tax withholding tied to vesting equity awards or made under a pre-arranged trading plan, which makes the activity less concerning than open-market selling.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley decreased their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Finally, Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and a consensus target price of $13.64.

Institutional Trading of Joby Aviation

Institutional investors have recently modified their holdings of the stock. Lingotto Investment Management LLP grew its stake in Joby Aviation by 34.2% during the fourth quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock worth $41,425,000 after buying an additional 799,260 shares in the last quarter. DNB Asset Management AS raised its position in shares of Joby Aviation by 16.3% in the 4th quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after buying an additional 51,344 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of Joby Aviation during the 3rd quarter worth approximately $2,830,000. Vanguard Group Inc. increased its stake in Joby Aviation by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after acquiring an additional 2,540,382 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Joby Aviation in the 4th quarter valued at $32,269,000. 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.