Joby Aviation (NYSE:JOBY) Shares Down 2% Following Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) were down 2% on Wednesday after an insider sold shares in the company. The stock traded as low as $8.76 and last traded at $8.88. Approximately 4,761,151 shares were traded during trading, a decline of 71% from the average daily volume of 16,193,271 shares. The stock had previously closed at $9.06.

Specifically, insider Bonny W. Simi sold 31,489 shares of Joby Aviation stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the sale, the insider now directly owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several brokerages have commented on JOBY. Canaccord Genuity Group lifted their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC upped their price target on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a report on Monday, September 30th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. cut Joby Aviation from a “neutral” rating to an “underweight” rating and lifted their target price for the company from $5.00 to $6.00 in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.30.

Joby Aviation Stock Down 2.3 %

The firm has a market capitalization of $6.77 billion, a PE ratio of -12.68 and a beta of 2.33. The stock has a 50-day simple moving average of $7.97 and a 200-day simple moving average of $6.35.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same quarter last year, the business posted ($0.13) earnings per share. Equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Joby Aviation

A number of large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in Joby Aviation by 7.7% during the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock worth $47,245,000 after purchasing an additional 670,852 shares during the last quarter. State Street Corp raised its holdings in shares of Joby Aviation by 9.5% during the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its position in Joby Aviation by 1,018.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after buying an additional 616,579 shares during the last quarter. Holocene Advisors LP boosted its stake in Joby Aviation by 91.7% in the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after buying an additional 249,375 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Joby Aviation by 15.0% during the third quarter. Janney Montgomery Scott LLC now owns 266,882 shares of the company’s stock worth $1,342,000 after acquiring an additional 34,866 shares in the last quarter. Institutional investors own 52.85% 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.