Joby Aviation (NYSE:JOBY) Trading Down 7.3% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price dropped 7.3% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $5.55 and last traded at $5.60. Approximately 5,387,822 shares were traded during trading, a decline of 50% from the average daily volume of 10,873,831 shares. The stock had previously closed at $6.04.

Specifically, CEO Joeben Bevirt sold 250,000 shares of Joby Aviation stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the completion of the sale, the chief executive officer now directly owns 32,275,793 shares in the company, valued at $190,104,420.77. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kate Dehoff sold 9,720 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total transaction of $58,320.00. Following the transaction, the insider now directly owns 219,366 shares of the company's stock, valued at $1,316,196. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here.

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Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. HC Wainwright reissued a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group boosted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Finally, Needham & Company LLC reissued a "buy" rating and set a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. 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 company presently has an average rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Trading Down 5.4 %

The company has a market cap of $4.22 billion, a PE ratio of -7.65 and a beta of 2.35. The company has a fifty day simple moving average of $6.96 and a two-hundred day simple moving average of $6.93.

Hedge Funds Weigh In On Joby Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. purchased a new position in Joby Aviation in the fourth quarter worth approximately $38,000. Allworth Financial LP lifted its position in shares of Joby Aviation by 200.6% during the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company's stock worth $44,000 after purchasing an additional 3,320 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new position in shares of Joby Aviation during the fourth quarter worth $41,000. Toronto Dominion Bank purchased a new position in Joby Aviation in the fourth quarter valued at $41,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in Joby Aviation during the 4th quarter worth about $41,000. 52.85% of the stock is 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.