Joby Aviation (NYSE:JOBY) Shares Down 3.4% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 3.4% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $9.81 and last traded at $10.37. 34,460,222 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 33,169,254 shares. The stock had previously closed at $10.73.

Specifically, insider Kate Dehoff sold 8,194 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $10.48, for a total transaction of $85,873.12. Following the completion of the transaction, the insider owned 163,722 shares of the company’s stock, valued at approximately $1,715,806.56. The trade was a 4.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Joby Aviation in a research note on Thursday, November 6th. The Goldman Sachs Group started coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a “sell” rating and a $10.00 price objective on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. Canaccord Genuity Group reissued a “hold” rating and issued a $15.50 target price on shares of Joby Aviation in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price target on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $13.21.

Joby Aviation Price Performance

The firm’s 50 day simple moving average is $14.14 and its two-hundred day simple moving average is $15.23. The firm has a market capitalization of $9.46 billion, a P/E ratio of -7.74 and a beta of 2.57.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.29). The firm had revenue of $22.57 million during the quarter, compared to analysts’ expectations of $0.02 million. During the same quarter in the prior year, the company posted ($0.21) EPS. The company’s revenue for the quarter was up 7962.1% on a year-over-year basis. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

Large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in shares of Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after purchasing an additional 44,659 shares during the period. AQR Capital Management LLC bought a new stake in Joby Aviation during the 1st quarter valued at $273,000. Strs Ohio bought a new stake in Joby Aviation during the 1st quarter valued at $37,000. Ameritas Advisory Services LLC purchased a new stake in Joby Aviation during the 2nd quarter valued at $39,000. Finally, Valeo Financial Advisors LLC bought a new stake in Joby Aviation in the 2nd quarter worth $461,000. 52.85% of the stock is owned by hedge funds and other 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.