Joby Aviation (NYSE:JOBY) Shares Down 0.8% Following Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 0.8% on Wednesday following insider selling activity. The company traded as low as $5.68 and last traded at $5.83. Approximately 3,395,886 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 11,250,532 shares. The stock had previously closed at $5.87.

Specifically, insider Eric Allison sold 24,395 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $6.04, for a total transaction of $147,345.80. Following the transaction, the insider now directly owns 627,726 shares of the company's stock, valued at $3,791,465.04. This represents a 3.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Morgan Stanley restated an "equal weight" rating and set a $7.00 target price (down previously from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. JPMorgan Chase & Co. lowered their price objective on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a research note on Thursday, February 27th. HC Wainwright restated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group upped their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $8.58.

Joby Aviation Price Performance

The business has a 50-day simple moving average of $6.43 and a 200 day simple moving average of $6.98. The firm has a market cap of $4.62 billion, a PE ratio of -8.38 and a beta of 2.35.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its position in shares of Joby Aviation by 31.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,724,888 shares of the company's stock valued at $10,384,000 after purchasing an additional 411,691 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Joby Aviation by 54.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 23,112 shares of the company's stock worth $139,000 after acquiring an additional 8,185 shares during the period. GAMMA Investing LLC raised its stake in Joby Aviation by 773.9% during the 1st quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after purchasing an additional 5,015 shares during the period. Rheos Capital Works Inc. raised its stake in Joby Aviation by 89.4% during the 1st quarter. Rheos Capital Works Inc. now owns 4,555,000 shares of the company's stock valued at $27,421,000 after purchasing an additional 2,150,000 shares during the period. Finally, NBC Securities Inc. boosted its stake in Joby Aviation by 111,200.0% in the 1st quarter. NBC Securities Inc. now owns 105,735 shares of the company's stock worth $636,000 after purchasing an additional 105,640 shares during the period. 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.