Joby Aviation (NYSE:JOBY) Trading Down 2% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) was down 2% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $8.76 and last traded at $8.88. Approximately 4,761,151 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 16,193,271 shares. The stock had previously closed at $9.06.

Specifically, insider Bonny W. Simi sold 31,489 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $8.33, for a total transaction of $262,303.37. Following the transaction, the insider now directly owns 137,097 shares of the company’s stock, valued at approximately $1,142,018.01. This represents a 18.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Needham & Company LLC upped their target price on Joby Aviation from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, December 18th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 30th. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $5.00 to $6.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group lifted their price target on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.30.

Joby Aviation Stock Performance

The company’s 50 day moving average price is $8.03 and its 200-day moving average price is $6.38. The stock has a market cap of $6.71 billion, a P/E ratio of -12.52 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. The firm had revenue of $0.28 million during the quarter, compared to the consensus estimate of $0.06 million. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of Joby Aviation

Hedge funds have recently bought and sold shares of the business. Amalgamated Bank raised its position in Joby Aviation by 46.2% in the second quarter. Amalgamated Bank now owns 13,905 shares of the company’s stock worth $71,000 after acquiring an additional 4,391 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Joby Aviation by 142.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 25,200 shares of the company’s stock worth $129,000 after purchasing an additional 14,805 shares during the period. Hsbc Holdings PLC lifted its stake in Joby Aviation by 27.9% in the second quarter. Hsbc Holdings PLC now owns 160,151 shares of the company’s stock valued at $802,000 after purchasing an additional 34,890 shares during the last quarter. Xponance Inc. grew its holdings in Joby Aviation by 52.0% during the second quarter. Xponance Inc. now owns 25,614 shares of the company’s stock valued at $131,000 after purchasing an additional 8,759 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Joby Aviation by 28.7% in the second quarter. The Manufacturers Life Insurance Company now owns 248,275 shares of the company’s stock worth $1,266,000 after buying an additional 55,340 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors.

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.