Joby Aviation (NYSE:JOBY) Shares Down 6.6% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 6.6% during mid-day trading on Friday following insider selling activity. The company 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 firm’s 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 sale, the chief executive officer now directly owns 32,275,793 shares of the company’s stock, valued at approximately $190,104,420.77. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 9,720 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total value of $58,320.00. Following the transaction, the insider now directly owns 219,366 shares of the company’s stock, valued at approximately $1,316,196. The trade was a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several equities research analysts recently commented on JOBY shares. Canaccord Genuity Group boosted their price target on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Needham & Company LLC reissued 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 reaffirmed a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. JPMorgan Chase & Co. cut their price objective 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. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Price Performance

The stock has a market cap of $4.22 billion, a price-to-earnings ratio of -7.65 and a beta of 2.35. The firm has a fifty day moving average of $6.96 and a 200 day moving average of $6.94.

Institutional Trading of Joby Aviation

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