Joby Aviation (NYSE:JOBY) Shares Down 3.8% on Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 3.8% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $7.67 and last traded at $7.89. Approximately 9,985,820 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 7,878,116 shares. The stock had previously closed at $8.20.

Specifically, insider Gregory Bowles sold 7,748 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares of the company’s stock, valued at approximately $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a report on Wednesday, October 2nd. Canaccord Genuity Group cut their target price on Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research note on Tuesday, October 29th. JPMorgan Chase & Co. decreased their price target on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 29th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 target price on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Stock Performance

The company has a 50-day simple moving average of $5.71 and a 200-day simple moving average of $5.44. The stock has a market cap of $6.12 billion, a P/E ratio of -11.43 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. During the same quarter in the previous year, the business posted ($0.13) EPS. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Larson Financial Group LLC increased its stake in shares of Joby Aviation by 218.3% in the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the period. Nisa Investment Advisors LLC increased its position in Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after purchasing an additional 5,840 shares during the period. Empowered Funds LLC acquired a new stake in Joby Aviation in the third quarter worth about $51,000. Sound Income Strategies LLC raised its holdings in Joby Aviation by 3,311.3% during the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC acquired a new position in Joby Aviation during the 2nd quarter valued at about $54,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.