Joby Aviation (NYSE:JOBY) Stock Price Down 3.9% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares were down 3.9% during trading on Wednesday following insider selling activity. The company traded as low as $9.53 and last traded at $9.5450. Approximately 17,586,343 shares were traded during mid-day trading, a decline of 38% from the average daily 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 transaction, the insider owned 135,541 shares of the company’s stock, valued at approximately $1,335,078.85. The trade was a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Didier Papadopoulos sold 4,231 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $9.94, for a total value of $42,056.14. Following the sale, the insider owned 138,135 shares in the company, valued at $1,373,061.90. The trade was a 2.97% decrease in their position. The disclosure for this sale is available in the SEC filing.

Analysts Set New Price Targets

JOBY has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Thursday, February 26th. The Goldman Sachs Group initiated coverage on shares of Joby Aviation in a research note on Monday, December 1st. They issued a “sell” rating and a $10.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Joby Aviation in a report on Thursday, January 22nd. Canaccord Genuity Group reaffirmed a “hold” rating and set a $15.50 price target on shares of Joby Aviation in a research note on Tuesday, February 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a report on Thursday, March 12th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $13.81.

Joby Aviation Trading Down 3.9%

The company has a 50-day simple moving average of $11.54 and a 200 day simple moving average of $13.87. The company has a market cap of $8.70 billion, a P/E ratio of -8.37 and a beta of 2.59.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, February 25th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.06. The business had revenue of $30.84 million for the quarter, compared to the consensus estimate of $16.88 million. The firm’s revenue for the quarter was up 5506.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.34) earnings per share. On average, equities analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Asset Planning Inc lifted its holdings in Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after buying an additional 700 shares in the last quarter. Strategic Advocates LLC purchased a new stake in Joby Aviation in the 3rd quarter valued at about $29,000. Canton Hathaway LLC bought a new position in Joby Aviation in the 3rd quarter worth about $29,000. Fifth Third Bancorp grew its stake in Joby Aviation by 207.4% in the 4th 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. Finally, Hilltop National Bank purchased a new position in shares of Joby Aviation during the third quarter worth approximately $32,000. Hedge funds and other institutional investors own 52.85% of the company’s stock.

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.