Joby Aviation (NYSE:JOBY) Trading Down 2% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 2% on Wednesday following insider selling activity. The company traded as low as $8.76 and last traded at $8.88. Approximately 4,761,151 shares changed hands 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 the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $8.33, for a total value of $262,303.37. Following the completion of the sale, the insider now owns 137,097 shares in the company, valued at approximately $1,142,018.01. This trade represents a 18.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

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

Joby Aviation Price Performance

The firm has a market cap of $6.77 billion, a price-to-earnings ratio of -12.68 and a beta of 2.33. The firm has a 50 day moving average price of $7.97 and a 200-day moving average price of $6.35.

Joby Aviation (NYSE:JOBY) last posted its earnings results 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). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the business posted ($0.13) earnings per share. On average, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

Hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in shares of Joby Aviation by 9.5% in the 3rd quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after acquiring an additional 812,248 shares during the period. Geode Capital Management LLC boosted its stake in shares of Joby Aviation by 7.7% in the third quarter. Geode Capital Management LLC now owns 9,390,720 shares of the company’s stock valued at $47,245,000 after buying an additional 670,852 shares during the period. Susquehanna Fundamental Investments LLC grew its holdings in shares of Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Holocene Advisors LP increased its holdings in Joby Aviation by 91.7% in the 3rd quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock valued at $2,622,000 after buying an additional 249,375 shares during the period. Finally, Yarbrough Capital LLC acquired a new position in Joby Aviation during the fourth quarter valued at approximately $1,362,000. 52.85% of the stock is owned by institutional investors.

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.