Joby Aviation (NYSE:JOBY) Stock Price Down 3.4% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price traded down 3.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $9.81 and last traded at $10.37. 34,460,222 shares were traded during 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 the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $10.48, for a total value of $85,873.12. Following the completion of the transaction, the insider owned 163,722 shares of the company’s stock, valued at $1,715,806.56. This represents a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on JOBY. Morgan Stanley lifted their target price on Joby Aviation from $7.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, October 9th. JPMorgan Chase & Co. lifted 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Joby Aviation in a report on Thursday, November 6th. Finally, Zacks Research raised shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $13.21.

Joby Aviation Price Performance

The firm has a market cap of $9.46 billion, a P/E ratio of -7.74 and a beta of 2.57. The company’s 50-day simple moving average is $14.21 and its 200 day simple moving average is $15.27.

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

Institutional Investors Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in Joby Aviation by 110.5% during 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 period. AQR Capital Management LLC bought a new stake in shares of Joby Aviation during the 1st quarter worth approximately $273,000. Strs Ohio purchased a new position in Joby Aviation during the 1st quarter valued at $37,000. Wealth Enhancement Advisory Services LLC increased its stake in Joby Aviation by 63.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 37,788 shares of the company’s stock worth $399,000 after purchasing an additional 14,676 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Joby Aviation during the second quarter worth $39,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

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.