Joby Aviation (NYSE:JOBY) Trading Down 1.2% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 1.2% on Tuesday following insider selling activity. The company traded as low as $11.47 and last traded at $11.8450. 22,845,724 shares traded hands during mid-day trading, a decline of 28% from the average session volume of 31,809,488 shares. The stock had previously closed at $11.9940.

Specifically, Director Paul Cahill Sciarra sold 416,666 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $12.02, for a total transaction of $5,008,325.32. Following the sale, the director owned 55,911,391 shares in the company, valued at approximately $672,054,919.82. The trade was a 0.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

Several analysts recently weighed in on JOBY shares. Weiss Ratings downgraded Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 4th. Morgan Stanley dropped their target price on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 6th. Canaccord Genuity Group reduced their price target on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Joby Aviation has a consensus rating of “Reduce” and a consensus price target of $13.06.

Joby Aviation Trading Down 1.2%

The firm has a market cap of $11.65 billion, a P/E ratio of -10.30 and a beta of 2.66. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The stock has a fifty day simple moving average of $9.54 and a 200 day simple moving average of $11.60.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.09. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.The company had revenue of $24.25 million for the quarter, compared to analysts’ expectations of $20.17 million. During the same period last year, the firm posted ($0.11) earnings per share. On average, research analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Institutional Trading of Joby Aviation

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Joby Aviation by 110.5% during the first quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after purchasing an additional 44,659 shares during the last quarter. AQR Capital Management LLC bought a new stake in Joby Aviation in the 1st quarter worth approximately $273,000. Strs Ohio bought a new stake in Joby Aviation in the 1st quarter worth approximately $37,000. Cetera Investment Advisers raised its stake in Joby Aviation by 16.0% during the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock valued at $676,000 after buying an additional 8,840 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Joby Aviation by 80.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock valued at $7,920,000 after buying an additional 333,995 shares during the period. 52.85% of the stock is currently owned by institutional investors.

About Joby Aviation

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.