Joby Aviation (NYSE:JOBY) Stock Price Down 1.7% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 1.7% during trading on Wednesday following insider selling activity. The company traded as low as $7.63 and last traded at $7.7550. Approximately 53,497,507 shares were traded during trading, an increase of 72% from the average session volume of 31,043,316 shares. The stock had previously closed at $7.89.

Specifically, insider Kate Dehoff sold 14,240 shares of the firm’s stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total value of $110,075.20. Following the sale, the insider directly owned 180,179 shares of the company’s stock, valued at $1,392,783.67. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 8,381 shares of Joby Aviation stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $7.53, for a total transaction of $63,108.93. Following the sale, the insider owned 194,419 shares of the company’s stock, valued at approximately $1,463,975.07. The trade was a 4.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other Joby Aviation news, insider Eric Allison sold 27,932 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $7.53, for a total value of $210,327.96. Following the completion of the transaction, the insider owned 710,396 shares of the company’s stock, valued at $5,349,281.88. The trade was a 3.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

JOBY has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a report on Wednesday, May 6th. Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Morgan Stanley reduced their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised Joby Aviation from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Two equities 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’s stock. According to MarketBeat, Joby Aviation has an average rating of “Reduce” and a consensus target price of $13.64.

Joby Aviation Stock Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The company has a 50 day simple moving average of $9.71 and a 200-day simple moving average of $10.37. The firm has a market cap of $7.23 billion, a PE ratio of -6.39 and a beta of 2.71.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same period last year, the firm posted ($0.11) earnings per share. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Fifth Third Bancorp boosted its position in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock valued at $26,000 after buying an additional 1,348 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company’s stock valued at $27,000 after buying an additional 1,880 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Joby Aviation in the fourth quarter worth about $28,000. Strategic Advocates LLC purchased a new position in shares of Joby Aviation in the third quarter worth about $29,000. Finally, Pandora Wealth Inc. bought a new stake in shares of Joby Aviation in the 4th quarter valued at about $32,000. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

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.