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

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $7.39, but opened at $7.05. Joby Aviation shares last traded at $7.07, with a volume of 2,365,749 shares traded.

Specifically, CEO Joeben Bevirt sold 101,652 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $6.66, for a total transaction of $677,002.32. Following the transaction, the chief executive officer now directly owns 60,526,762 shares of the company’s stock, valued at $403,108,234.92. This represents a 0.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, April 30th. Canaccord Genuity Group boosted their price objective on shares of Joby Aviation from $11.50 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Needham & Company LLC restated a “buy” rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Monday, May 5th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.67.

Joby Aviation Trading Down 4.9%

The firm has a market capitalization of $5.54 billion, a P/E ratio of -10.04 and a beta of 2.34. The business’s fifty day moving average is $6.29 and its 200 day moving average is $7.15.

Joby Aviation (NYSE:JOBY) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the firm posted ($0.14) earnings per share. As a group, 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

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company’s stock valued at $34,000 after purchasing an additional 5,015 shares in the last quarter. Whittier Trust Co. acquired a new position in Joby Aviation in the fourth quarter valued at approximately $38,000. Compagnie Lombard Odier SCmA acquired a new position in Joby Aviation in the fourth quarter valued at approximately $41,000. Toronto Dominion Bank bought a new position in Joby Aviation in the fourth quarter valued at approximately $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new stake in Joby Aviation during the 4th quarter worth $41,000. Institutional investors and hedge funds own 52.85% of the company’s stock.

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.