Joby Aviation (NYSE:JOBY) Trading Down 7.2% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares traded down 7.2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $9.35 and last traded at $9.53. 10,314,924 shares changed hands during trading, a decline of 47% from the average session volume of 19,417,793 shares. The stock had previously closed at $10.27.

Specifically, insider Didier Papadopoulos sold 7,692 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $10.00, for a total value of $76,920.00. Following the completion of the sale, the insider now owns 50,902 shares of the company's stock, valued at approximately $509,020. The trade was a 13.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $9.84, for a total transaction of $2,460,000.00. Following the transaction, the chief executive officer now directly owns 32,325,793 shares in the company, valued at approximately $318,085,803.12. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. In other Joby Aviation news, CEO Joeben Bevirt sold 23,886 shares of the business's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $8.08, for a total value of $192,998.88. Following the completion of the sale, the chief executive officer now directly owns 768,293 shares of the company's stock, valued at $6,207,807.44. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several research firms recently issued reports on JOBY. Canaccord Genuity Group lifted their price objective on shares of Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their price target on Joby Aviation from $6.00 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, October 29th. HC Wainwright reissued a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Wednesday, December 18th. Needham & Company LLC began coverage on Joby Aviation in a report on Tuesday, November 19th. They issued a "buy" rating and a $8.00 target price for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $8.70.

Joby Aviation Stock Performance

The stock has a market cap of $7.28 billion, a P/E ratio of -13.60 and a beta of 2.33. The firm has a 50 day moving average of $7.46 and a two-hundred day moving average of $6.15.

Joby Aviation (NYSE:JOBY - Get Free Report) 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 business had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same period in the prior year, the company posted ($0.13) earnings per share. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of JOBY. Larson Financial Group LLC lifted its stake in shares of Joby Aviation by 218.3% in the third 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. Empowered Funds LLC acquired a new position in Joby Aviation in the 3rd quarter valued at approximately $51,000. Sound Income Strategies LLC lifted its position in shares of Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company's stock worth $52,000 after acquiring an additional 10,000 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Joby Aviation by 403.0% during the 3rd quarter. International Assets Investment Management LLC now owns 11,468 shares of the company's stock worth $58,000 after purchasing an additional 9,188 shares in the last quarter. Finally, Choreo LLC bought a new stake in shares of Joby Aviation during the second quarter valued at approximately $60,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

About Joby Aviation

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.