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

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 0.8% on Wednesday following insider selling activity. The stock traded as low as $5.18 and last traded at $5.22. Approximately 598,675 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 5,475,564 shares. The stock had previously closed at $5.26.

Specifically, insider Didier Papadopoulos sold 6,025 shares of the business's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the sale, the insider now directly owns 47,474 shares of the company's stock, valued at approximately $253,036.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of research firms recently issued reports on JOBY. JPMorgan Chase & Co. lifted their target price on Joby Aviation from $5.00 to $6.00 and gave the company a "neutral" rating in a research report on Wednesday, July 24th. HC Wainwright assumed coverage on Joby Aviation in a research report on Tuesday, September 3rd. They set a "buy" rating and a $9.00 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 9th. Finally, Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $11.00 to $10.50 and set a "buy" rating for the company in a research note on Thursday, August 8th.

Joby Aviation Stock Down 1.1 %

The business has a fifty day moving average of $5.53 and a 200 day moving average of $5.22. The firm has a market cap of $3.72 billion, a P/E ratio of -6.87 and a beta of 1.97.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.18). The business had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.28 million. During the same period in the previous year, the firm posted ($0.17) earnings per share. Research analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently modified their holdings of JOBY. Sanctuary Advisors LLC bought a new position in shares of Joby Aviation during the second quarter worth approximately $81,000. EP Wealth Advisors LLC acquired a new position in Joby Aviation in the 2nd quarter valued at $165,000. Algert Global LLC bought a new position in Joby Aviation during the 2nd quarter worth $90,000. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company's stock worth $3,453,000 after buying an additional 616,579 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company's stock valued at $1,266,000 after acquiring an additional 55,340 shares during the period. 45.54% 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.