Joby Aviation (NYSE:JOBY) Shares Down 6.1% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) was down 6.1% during trading on Wednesday following insider selling activity. The stock traded as low as $13.18 and last traded at $13.2120. Approximately 17,512,161 shares changed hands during trading, a decline of 33% from the average daily volume of 26,297,465 shares. The stock had previously closed at $14.07.

Specifically, insider Didier Papadopoulos sold 1,979 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $14.08, for a total value of $27,864.32. Following the transaction, the insider owned 101,779 shares of the company’s stock, valued at approximately $1,433,048.32. The trade was a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Didier Papadopoulos sold 5,987 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $14.99, for a total value of $89,745.13. Following the sale, the insider owned 103,758 shares of the company’s stock, valued at $1,555,332.42. This trade represents a 5.46% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

JOBY has been the topic of several recent research reports. Morgan Stanley boosted their price objective on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Joby Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price objective on shares of Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Friday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Joby Aviation in a research report on Thursday, November 6th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $13.43.

Joby Aviation Price Performance

The company has a market capitalization of $12.65 billion, a price-to-earnings ratio of -10.35 and a beta of 2.53. The firm’s 50-day simple moving average is $15.20 and its two-hundred day simple moving average is $14.35.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The firm had revenue of $22.57 million for the quarter, compared to the consensus estimate of $0.02 million. The company’s revenue for the quarter was up 7962.1% on a year-over-year basis. During the same period last year, the firm posted ($0.21) EPS. On average, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

A number of institutional investors have recently bought and sold shares of the company. Asset Planning Inc boosted its position in shares of Joby Aviation by 70.0% in the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock worth $27,000 after buying an additional 700 shares in the last quarter. Strategic Advocates LLC acquired a new position in Joby Aviation during the third quarter worth about $29,000. Canton Hathaway LLC acquired a new position in Joby Aviation during the third quarter worth about $29,000. Hilltop National Bank purchased a new stake in shares of Joby Aviation in the third quarter valued at about $32,000. Finally, Ancora Advisors LLC acquired a new stake in shares of Joby Aviation in the third quarter valued at approximately $35,000. 52.85% of the stock is currently owned by hedge funds and other 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.