Joby Aviation (NYSE:JOBY) Trading Down 3.7% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price dropped 3.7% on Monday after an insider sold shares in the company. The stock traded as low as $5.61 and last traded at $5.67. Approximately 2,167,389 shares were traded during trading, a decline of 83% from the average daily volume of 12,677,471 shares. The stock had previously closed at $5.89.

Specifically, insider Bonny W. Simi sold 12,382 shares of the stock in a transaction that occurred on Thursday, April 17th. The shares were sold at an average price of $5.81, for a total transaction of $71,939.42. Following the completion of the sale, the insider now owns 203,588 shares of the company's stock, valued at approximately $1,182,846.28. This represents a 5.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Allison sold 24,395 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $6.04, for a total transaction of $147,345.80. Following the sale, 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 position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. Needham & Company LLC reissued a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group raised their price objective on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley restated an "equal weight" rating and set a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $8.58.

Joby Aviation Stock Performance

The stock has a market capitalization of $5.02 billion, a P/E ratio of -9.12 and a beta of 2.35. The business has a 50-day moving average price of $6.34 and a 200 day moving average price of $6.98.

Institutional Investors Weigh In On Joby Aviation

A number of institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of 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 last quarter. Whittier Trust Co. acquired a new position in shares of Joby Aviation in the fourth quarter valued at about $38,000. Salem Investment Counselors Inc. increased its holdings in shares of Joby Aviation by 5,000.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock valued at $41,000 after purchasing an additional 5,000 shares during the period. Compagnie Lombard Odier SCmA purchased a new stake in Joby Aviation in the 4th quarter worth approximately $41,000. Finally, Toronto Dominion Bank acquired a new position in shares of Joby Aviation in the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

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.