Rodrigo Brumana Sells 2,601 Shares of Joby Aviation (NYSE:JOBY) Stock

Joby Aviation, Inc. (NYSE:JOBY) CFO Rodrigo Brumana sold 2,601 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total value of $23,200.92. Following the transaction, the chief financial officer owned 84,139 shares of the company’s stock, valued at approximately $750,519.88. This trade represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rodrigo Brumana also recently made the following trade(s):

• On Thursday, June 4th, Rodrigo Brumana sold 78,489 shares of Joby Aviation stock. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70.
• On Wednesday, April 8th, Rodrigo Brumana sold 566 shares of Joby Aviation stock. The stock was sold at an average price of $8.87, for a total transaction of $5,020.42.

Joby Aviation Stock Performance

NYSE:JOBY traded up $0.45 during trading hours on Monday, hitting $8.94. 55,744,434 shares of the company traded hands, compared to its average volume of 30,442,541. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. Joby Aviation, Inc. has a twelve month low of $7.75 and a twelve month high of $20.95. The firm has a 50-day moving average of $9.94 and a 200 day moving average of $10.73. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of -7.77 and a beta of 2.71.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same period last year, the business posted ($0.11) EPS. On average, analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently modified their holdings of JOBY. Strategic Advocates LLC acquired a new stake in Joby Aviation in the 3rd quarter valued at $29,000. Fifth Third Bancorp raised its stake in Joby Aviation by 207.4% during the fourth quarter. Fifth Third Bancorp now owns 1,998 shares of the company’s stock worth $26,000 after acquiring an additional 1,348 shares in the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Joby Aviation during the fourth quarter worth $28,000. Ancora Advisors LLC bought a new position in shares of Joby Aviation during the third quarter valued at $35,000. Finally, Pandora Wealth Inc. bought a new position in shares of Joby Aviation during the fourth quarter valued at $32,000. 52.85% of the stock is owned by institutional investors and hedge funds.

Key Joby Aviation News

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

• Positive Sentiment: Investor excitement increased after reports highlighted Toyota’s support for Joby’s all-electric air taxis and the company’s progress toward vertical flight and production readiness. Toyota backs Joby’s all-electric air taxis as production aircraft prepare for vertical flight
• Positive Sentiment: Joby also announced it is expanding manufacturing capacity in California and Ohio and adding aircraft to its fleet, reinforcing the narrative that it is scaling operations ahead of commercialization. Joby Expands Manufacturing Capacity in California and Ohio, Adds New Aircraft to Its Fleet
• Positive Sentiment: Several market commentaries pointed to a strong Monday rally, saying Joby’s valuation got another lift as traders focused on expansion and air taxi growth prospects. Why Joby Aviation Stock Is Surging Today
• Neutral Sentiment: Multiple executives and insiders, including the CEO, CFO, and other senior leaders, sold shares this week, but the filings say the sales were primarily to cover tax withholding tied to vesting equity awards or made under a pre-arranged trading plan, which makes the activity less concerning than open-market selling.

Analysts Set New Price Targets

Several brokerages recently issued reports on JOBY. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Wall Street Zen raised Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Joby Aviation in a research note on Thursday, March 12th. Weiss Ratings cut Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group decreased their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $13.64.

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.