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

Joby Aviation, Inc. (NYSE:JOBY) fell 3.4% on Wednesday following insider selling activity. The company traded as low as $9.81 and last traded at $10.37. 34,460,222 shares were traded 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 Joby Aviation stock in a transaction on 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 directly 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 SEC, which can be accessed through this link.

Analyst Ratings Changes

A number of brokerages have recently weighed in on JOBY. Canaccord Genuity Group restated a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a research report on Tuesday. Morgan Stanley raised their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, October 9th. Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. The Goldman Sachs Group started coverage on shares of Joby Aviation in a research note on Monday, December 1st. They set a “sell” rating and a $10.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on Joby Aviation from $7.00 to $8.00 and gave the company an “underweight” rating in a research note on Friday, October 31st. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $13.21.

Joby Aviation Stock Down 9.0%

The firm has a market cap of $8.61 billion, a PE ratio of -7.05 and a beta of 2.57. The firm’s 50 day moving average is $14.04 and its 200-day moving average is $15.19.

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

Institutional Investors Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. DNB Asset Management AS lifted its position in Joby Aviation by 16.3% during the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock worth $4,835,000 after buying an additional 51,344 shares during the period. Pinnacle Associates Ltd. acquired a new position in shares of Joby Aviation during the 4th quarter valued at about $187,000. World Investment Advisors purchased a new position in shares of Joby Aviation during the 4th quarter worth about $576,000. Swiss Life Asset Management Ltd acquired a new stake in shares of Joby Aviation in the fourth quarter worth approximately $134,000. Finally, Sloy Dahl & Holst LLC purchased a new stake in Joby Aviation in the fourth quarter valued at approximately $217,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.