Joby Aviation (NYSE:JOBY) Stock Price Down 2.6% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares fell 2.6% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $10.04 and last traded at $10.3650. 25,178,880 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 27,751,357 shares. The stock had previously closed at $10.64.

Specifically, CEO Joeben Bevirt sold 421,019 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer owned 31,678,802 shares of the company’s stock, valued at $328,825,964.76. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on JOBY. HC Wainwright reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Canaccord Genuity Group cut their target price on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Finally, Morgan Stanley cut their target price on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Joby Aviation presently has an average rating of “Reduce” and a consensus target price of $13.06.

Joby Aviation News Summary

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Joby continues to attract attention as a leading eVTOL name, with recent coverage highlighting its potential to benefit from the growth of advanced air mobility and comparisons that frame it as one of the stronger players in the sector.
• Neutral Sentiment: News that Joby is planning New York eVTOL demonstrations and discussing progress under the FAA’s eIPP suggests the company is still pushing regulatory and public-awareness efforts that could support long-term adoption, but these developments are not immediate revenue catalysts. Article Title Article Title
• Negative Sentiment: CEO Joeben Bevirt sold 421,019 shares in a pre-arranged 10b5-1 transaction, a move that can weigh on sentiment even though it was disclosed as part of a planned trading arrangement. Article Title
• Negative Sentiment: Some recent commentary compares Joby with Archer and suggests the competition in the eVTOL race is still highly uncertain, reinforcing concerns that execution and regulatory timing will be key to future upside. Article Title

Joby Aviation Stock Down 2.6%

The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of -9.01 and a beta of 2.61. The firm’s fifty day simple moving average is $9.26 and its two-hundred day simple moving average is $12.00.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.09. The company had revenue of $24.25 million for the quarter, compared to analyst estimates 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 in the previous year, the business posted ($0.11) EPS. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

Several large investors have recently made changes to their positions in JOBY. Royal Bank of Canada lifted its holdings in shares of Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock worth $512,000 after acquiring an additional 44,659 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Joby Aviation in the 1st quarter worth approximately $273,000. Strs Ohio acquired a new position in shares of Joby Aviation in the 1st quarter worth approximately $37,000. Cetera Investment Advisers lifted its holdings in shares of Joby Aviation by 16.0% in the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock worth $676,000 after acquiring an additional 8,840 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Joby Aviation by 80.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after acquiring an additional 333,995 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.