Joby Aviation (NYSE:JOBY) Reaches New 1-Year Low Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price hit a new 52-week low on Wednesday after an insider sold shares in the company. The company traded as low as $5.58 and last traded at $5.6650, with a volume of 3236075 shares. The stock had previously closed at $5.78.

Specifically, insider Gregory Bowles sold 5,302 shares of the company’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $5.78, for a total value of $30,645.56. Following the completion of the sale, the insider owned 193,704 shares in the company, valued at approximately $1,119,609.12. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kate Dehoff sold 9,575 shares of the business’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $5.95, for a total value of $56,971.25. Following the transaction, the insider owned 189,178 shares of the company’s stock, valued at $1,125,609.10. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In related news, insider Bonny Simi sold 10,890 shares of Joby Aviation stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $5.95, for a total transaction of $64,795.50. Following the transaction, the insider owned 241,923 shares of the company’s stock, valued at $1,439,441.85. This trade represents a 4.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

Several brokerages recently commented on JOBY. Needham & Company LLC dropped their price objective on Joby Aviation from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen cut Joby Aviation from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Susquehanna set a $18.00 target price on Joby Aviation in a research note on Thursday, August 6th. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a report on Monday, September 21st. Finally, Cantor Fitzgerald reiterated a “neutral” rating on shares of Joby Aviation in a report on Monday, September 21st. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $13.81.

Key Headlines Impacting Joby Aviation

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

• Positive Sentiment: ARK Invest, led by Cathie Wood, invested in electric vertical takeoff and landing companies including Joby Aviation and Archer Aviation, providing a favorable endorsement of the long-term flying-taxi opportunity. Cathie Wood Bets Big on Flying Taxis
• Neutral Sentiment: Joby’s recent insider sales totaled roughly $381,000 and included transactions by CEO JoeBen Bevirt, CFO Rodrigo Brumana and other executives. Most sales were reportedly made to cover tax withholding on vested equity awards, while Gregory Bowles’ latest transaction occurred under a pre-arranged Rule 10b5-1 plan. The sales are therefore less concerning than discretionary selling, but their concentration may weigh on sentiment. Joby Aviation Insider Trading Activity
• Negative Sentiment: A federal jury found that Joby breached a confidentiality agreement and misused Aerosonic trade secrets involving air-pressure sensor probes. The $116.9 million verdict creates a material financial liability and adds intellectual-property risk to Joby’s already significant execution challenges; the jury also rejected Joby’s counterarguments. Joby Aviation Hit With $116.9 Million Verdict
• Negative Sentiment: JOBY remains close to its 12-month low and below its 50-day and 200-day moving averages. Investors continue to question whether revenue growth—much of which has come from acquired helicopter business Blade—can translate into certified, scalable commercial air-taxi operations while the company continues to post losses and burn cash. Should You Be Worried About Joby Stock?

Joby Aviation Price Performance

The stock has a market cap of $5.59 billion, a price-to-earnings ratio of -5.74 and a beta of 2.66. The company has a debt-to-equity ratio of 0.40, a quick ratio of 17.98 and a current ratio of 17.98. The company has a 50-day simple moving average of $6.95 and a two-hundred day simple moving average of $8.40.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.02). The firm had revenue of $38.64 million for the quarter, compared to analyst estimates of $30.20 million. Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.Joby Aviation’s quarterly revenue was up 257493.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.41) earnings per share. As a group, equities research analysts forecast that Joby Aviation, Inc. will post -1 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. QRG Capital Management Inc. increased its position in Joby Aviation by 116.4% during the second quarter. QRG Capital Management Inc. now owns 33,868 shares of the company’s stock worth $302,000 after buying an additional 18,219 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Joby Aviation by 22.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 385,572 shares of the company’s stock worth $3,439,000 after acquiring an additional 70,772 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of Joby Aviation by 46.6% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 57,994 shares of the company’s stock worth $517,000 after acquiring an additional 18,427 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Joby Aviation by 37.8% during the 2nd quarter. NewEdge Advisors LLC now owns 53,240 shares of the company’s stock worth $475,000 after acquiring an additional 14,594 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Joby Aviation by 10.2% in the 2nd quarter. Arizona State Retirement System now owns 67,557 shares of the company’s stock valued at $603,000 after acquiring an additional 6,258 shares during the period. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation, Inc (NYSE: JOBY) is an aviation company developing all-electric vertical takeoff and landing (eVTOL) aircraft for commercial passenger transportation. Its aircraft are designed to take off and land vertically like a helicopter while providing quieter, lower-emission transportation for short urban and regional trips.

The company is pursuing an integrated air-taxi business model that includes designing and manufacturing its aircraft, operating passenger services, and developing the software and infrastructure needed to support aerial mobility.