Joby Aviation (NYSE:JOBY) Trading Down 0.8% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price was down 0.8% on Wednesday after an insider sold shares in the company. The company traded as low as $5.68 and last traded at $5.83. Approximately 3,395,886 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 11,250,532 shares. The stock had previously closed at $5.87.

Specifically, insider Eric Allison sold 24,395 shares of Joby Aviation stock in a transaction on Monday, April 14th. The shares were sold at an average price of $6.04, for a total transaction of $147,345.80. Following the transaction, the insider now owns 627,726 shares in the company, valued at approximately $3,791,465.04. The trade was a 3.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. lowered their price target on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $8.58.

Joby Aviation Stock Performance

The business’s 50 day moving average price is $6.50 and its 200-day moving average price is $6.96. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of -8.26 and a beta of 2.35.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of JOBY. Bouvel Investment Partners LLC grew its position in shares of Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock worth $1,007,000 after acquiring an additional 1,715 shares in the last quarter. NewEdge Advisors LLC increased its stake in Joby Aviation by 9.9% during the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock valued at $175,000 after purchasing an additional 1,935 shares during the last quarter. Gallagher Fiduciary Advisors LLC raised its holdings in shares of Joby Aviation by 3.1% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock worth $543,000 after purchasing an additional 2,000 shares during the period. California State Teachers Retirement System lifted its position in shares of Joby Aviation by 1.1% in the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock worth $1,512,000 after buying an additional 2,065 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Joby Aviation by 6.6% in the 4th quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after buying an additional 2,261 shares during the period. 52.85% of the stock is owned by institutional investors.

Joby Aviation Company Profile

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.