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

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 3.9% during 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 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 on Tuesday, March 17th. The stock was sold at an average price of $9.85, for a total transaction of $25,550.90. Following the transaction, the insider 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Didier Papadopoulos sold 4,231 shares of the firm’s stock in a transaction 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 sale, the insider directly owned 138,135 shares of the company’s stock, valued at $1,373,061.90. This trade represents a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Thursday, February 26th. The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a report on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. Oppenheimer set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, February 26th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $15.50 price target on shares of Joby Aviation in a research report on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Two equities 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 MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $13.81.

Joby Aviation Stock Down 3.9%

The business has a 50-day simple moving average of $11.42 and a 200-day simple moving average of $13.84. The company has a market cap of $8.70 billion, a PE ratio of -8.37 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.06. The firm had revenue of $30.84 million during the quarter, compared to analyst estimates of $16.88 million. The company’s quarterly revenue was up 5506.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.34) earnings per share. As a group, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC boosted its position in Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after buying an additional 390,794 shares during the period. State Street Corp grew its stake in shares of Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after acquiring an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Joby Aviation by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after acquiring an additional 271,475 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of Joby Aviation by 41.2% in the third quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock valued at $67,661,000 after acquiring an additional 1,223,412 shares in the last quarter. 52.85% of the stock is currently 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.