Joby Aviation (NYSE:JOBY) Stock Price Down 0.9% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 0.9% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $8.00 and last traded at $7.98. 2,813,166 shares were traded during trading, a decline of 79% from the average session volume of 13,161,767 shares. The stock had previously closed at $8.05.

Specifically, Director Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $8.02, for a total value of $2,673,338.68. Following the completion of the sale, the director now directly owns 58,661,395 shares in the company, valued at $470,464,387.90. The trade was a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

A number of equities research analysts have weighed in on JOBY shares. JPMorgan Chase & Co. lowered shares of Joby Aviation from a “neutral” rating to an “underweight” rating and boosted their target price for the company from $5.00 to $6.00 in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Wednesday, December 18th. Needham & Company LLC upped their price target on shares of Joby Aviation from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Canaccord Genuity Group raised their price objective 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. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $9.30.

Joby Aviation Price Performance

The business has a 50-day simple moving average of $8.39 and a 200 day simple moving average of $6.53. The firm has a market cap of $6.10 billion, a PE ratio of -11.40 and a beta of 2.33.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $0.06 million. During the same period in the prior year, the company posted ($0.13) earnings per share. On average, equities analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds have recently modified their holdings of JOBY. Bouvel Investment Partners LLC lifted its stake in shares of Joby Aviation by 1.4% during the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after buying an additional 1,715 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Joby Aviation by 6.6% in the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock valued at $299,000 after acquiring an additional 2,261 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Joby Aviation by 32.7% in the fourth quarter. Empowered Funds LLC now owns 13,409 shares of the company’s stock worth $109,000 after acquiring an additional 3,308 shares during the period. Allworth Financial LP grew its position in shares of Joby Aviation by 200.6% during the fourth quarter. Allworth Financial LP now owns 4,975 shares of the company’s stock worth $44,000 after purchasing an additional 3,320 shares in the last quarter. Finally, Tidal Investments LLC lifted its holdings in Joby Aviation by 13.7% in the 3rd quarter. Tidal Investments LLC now owns 29,246 shares of the company’s stock worth $147,000 after purchasing an additional 3,522 shares in 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.