Joby Aviation (NYSE:JOBY) Stock Price Down 6.6% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price was down 6.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $5.02 and last traded at $5.29. Approximately 6,163,285 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 10,917,517 shares. The stock had previously closed at $5.66.

Specifically, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the transaction, the chief executive officer now directly owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kate Dehoff sold 9,720 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total value of $58,320.00. Following the completion of the sale, the insider now directly owns 219,366 shares in the company, valued at approximately $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 equities analysts have recently commented on JOBY shares. HC Wainwright reissued a "buy" rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a report on Wednesday, January 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their target price on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $8.90.

Joby Aviation Stock Performance

The business has a 50-day moving average of $6.91 and a 200-day moving average of $6.96. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -7.78 and a beta of 2.35.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently modified their holdings of the company. Toyota Motor Corp acquired a new stake in shares of Joby Aviation during the fourth quarter worth $640,259,000. Baillie Gifford & Co. grew its holdings in Joby Aviation by 4.3% in the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after purchasing an additional 2,281,161 shares during the period. Vanguard Group Inc. raised its holdings in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock valued at $380,163,000 after buying an additional 6,388,232 shares during the period. Uber Technologies Inc purchased a new stake in shares of Joby Aviation during the fourth quarter valued at approximately $207,842,000. Finally, Geode Capital Management LLC lifted its position in shares of Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock worth $83,015,000 after purchasing an additional 817,638 shares in the last quarter. 52.85% of the stock is owned by institutional investors and hedge funds.

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.