Joby Aviation (NYSE:JOBY) Trading Down 1.7% on Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 1.7% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $7.63 and last traded at $7.7550. 53,497,507 shares traded hands during trading, an increase of 72% from the average daily volume of 31,043,316 shares. The stock had previously closed at $7.89.

Specifically, insider Kate Dehoff sold 14,240 shares of the firm’s stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $7.73, for a total value of $110,075.20. Following the completion of the sale, the insider owned 180,179 shares of the company’s stock, valued at $1,392,783.67. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kate Dehoff sold 8,381 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $7.53, for a total transaction of $63,108.93. Following the completion of the transaction, the insider owned 194,419 shares of the company’s stock, valued at $1,463,975.07. This trade represents a 4.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In other Joby Aviation news, insider Eric Allison sold 27,932 shares of the company’s stock in a transaction on Monday, July 13th. The stock was sold at an average price of $7.53, for a total transaction of $210,327.96. Following the transaction, the insider owned 710,396 shares of the company’s stock, valued at approximately $5,349,281.88. This represents a 3.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on JOBY shares. Canaccord Genuity Group lowered their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research note 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 report on Wednesday, May 6th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Morgan Stanley dropped their price objective on Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $13.64.

Trending Headlines about Joby Aviation

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Joby reported encouraging certification progress after its eVTOL aircraft completed an adverse-weather test and successfully simulated a propeller failure, helping reinforce confidence in the safety and reliability of the platform. Joby’s eVTOL passes adverse weather test, simulates propeller failure
• Positive Sentiment: The company also highlighted testing that suggests a JFK-to-Manhattan trip could take about seven minutes, a high-profile milestone that supports the long-term commercial potential of Joby’s air taxi service. Joby’s air taxi aces test, promises 7-minute JFK to Manhattan flights
• Neutral Sentiment: Recent commentary noted that Joby’s visible technical progress is being balanced against a still-long and expensive path to full commercialization, keeping investor expectations in check. JOBY Stock: Flying High or Overpriced Sci-Fi?
• Negative Sentiment: Insider sales by senior executives Eric Allison and Kate Dehoff may be weighing on sentiment, even though the trades were tied to tax withholding from equity awards and one was made under a pre-arranged 10b5-1 plan. The reductions in ownership still create a mild overhang for the stock.

Joby Aviation Stock Performance

The stock has a 50 day moving average price of $9.82 and a two-hundred day moving average price of $10.46. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36. The company has a market cap of $7.63 billion, a price-to-earnings ratio of -6.74 and a beta of 2.71.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping 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 business had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. During the same period last year, the company earned ($0.11) EPS. Analysts predict that Joby Aviation, Inc. will post -0.83 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Royal Bank of Canada raised its position in shares of Joby Aviation by 110.5% in the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company’s stock valued at $512,000 after acquiring an additional 44,659 shares during the period. AQR Capital Management LLC acquired a new position in Joby Aviation during the first quarter valued at approximately $273,000. Strs Ohio bought a new stake in Joby Aviation in the first quarter valued at approximately $37,000. Cetera Investment Advisers increased its stake in Joby Aviation by 16.0% in the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company’s stock valued at $676,000 after purchasing an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company’s stock worth $7,920,000 after purchasing an additional 333,995 shares during the period. Institutional investors own 52.85% of the company’s stock.

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.