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

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 3.9% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $9.53 and last traded at $9.5450. 17,586,343 shares were traded during mid-day trading, a decline of 38% from the average session 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 that occurred 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 completion of the sale, the insider owned 135,541 shares in the company, valued at $1,335,078.85. The trade was a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 4,231 shares of the company’s stock in a transaction that occurred 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 transaction, the insider directly owned 138,135 shares in the company, valued at $1,373,061.90. The trade was a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on JOBY. Canaccord Genuity Group reissued a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Thursday, February 26th. Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. Needham & Company LLC decreased their target price on shares of Joby Aviation to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, 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. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $13.81.

Joby Aviation Price Performance

The firm has a market cap of $8.85 billion, a P/E ratio of -8.51 and a beta of 2.59. The company has a fifty day moving average of $11.31 and a 200-day moving average of $13.81.

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 the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to the consensus estimate of $16.88 million. During the same quarter last year, the business posted ($0.34) earnings per share. Joby Aviation’s revenue was up 5506.5% on a year-over-year basis. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Royal Bank of Canada increased its stake in Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after buying an additional 44,659 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Joby Aviation in the 1st quarter worth approximately $273,000. Strs Ohio bought a new position in shares of Joby Aviation in the first quarter valued at approximately $37,000. Envestnet Asset Management Inc. grew its holdings in shares of Joby Aviation by 26.1% in the second quarter. Envestnet Asset Management Inc. now owns 42,169 shares of the company’s stock valued at $445,000 after acquiring an additional 8,741 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Joby Aviation by 11.9% during the second quarter. Allworth Financial LP now owns 7,197 shares of the company’s stock valued at $76,000 after acquiring an additional 763 shares during the last quarter. 52.85% of the stock is owned by 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.