Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells 5,158 Shares of Stock

Joby Aviation, Inc. (NYSE:JOBY) insider Gregory Bowles sold 5,158 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $46,009.36. Following the completion of the transaction, the insider owned 193,660 shares in the company, valued at approximately $1,727,447.20. The trade was a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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.

Gregory Bowles also recently made the following trade(s):

• On Monday, July 6th, Gregory Bowles sold 4,724 shares of Joby Aviation stock. The shares were sold at an average price of $9.10, for a total transaction of $42,988.40.
• On Tuesday, May 26th, Gregory Bowles sold 4,602 shares of Joby Aviation stock. The stock was sold at an average price of $11.47, for a total transaction of $52,784.94.
• On Friday, May 22nd, Gregory Bowles sold 3,486 shares of Joby Aviation stock. The stock was sold at an average price of $10.74, for a total transaction of $37,439.64.
• On Wednesday, April 8th, Gregory Bowles sold 357 shares of Joby Aviation stock. The shares were sold at an average price of $8.87, for a total value of $3,166.59.

Joby Aviation Stock Performance

Shares of NYSE:JOBY traded up $0.45 during trading on Monday, hitting $8.94. 55,744,434 shares of the company traded hands, compared to its average volume of 30,442,541. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of -7.77 and a beta of 2.71. The business’s fifty day moving average is $9.94 and its 200-day moving average is $10.73. Joby Aviation, Inc. has a one year low of $7.75 and a one year high of $20.95. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced 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 the consensus estimate of $20.17 million. During the same quarter last year, the business posted ($0.11) EPS. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Joby Aviation News Summary

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

• Positive Sentiment: Investor excitement increased after reports highlighted Toyota’s support for Joby’s all-electric air taxis and the company’s progress toward vertical flight and production readiness. Toyota backs Joby’s all-electric air taxis as production aircraft prepare for vertical flight
• Positive Sentiment: Joby also announced it is expanding manufacturing capacity in California and Ohio and adding aircraft to its fleet, reinforcing the narrative that it is scaling operations ahead of commercialization. Joby Expands Manufacturing Capacity in California and Ohio, Adds New Aircraft to Its Fleet
• Positive Sentiment: Several market commentaries pointed to a strong Monday rally, saying Joby’s valuation got another lift as traders focused on expansion and air taxi growth prospects. Why Joby Aviation Stock Is Surging Today
• Neutral Sentiment: Multiple executives and insiders, including the CEO, CFO, and other senior leaders, sold shares this week, but the filings say the sales were primarily to cover tax withholding tied to vesting equity awards or made under a pre-arranged trading plan, which makes the activity less concerning than open-market selling.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on JOBY shares. Morgan Stanley reduced their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday, May 6th. Canaccord Genuity Group cut their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a report on Thursday, March 12th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Joby Aviation presently has an average rating of “Reduce” and a consensus price target of $13.64.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC acquired a new stake in shares of Joby Aviation in the 1st quarter worth approximately $131,000. J. Derek Lewis & Associates Inc. acquired a new position in shares of Joby Aviation during the first quarter valued at approximately $121,000. Western Wealth Management LLC bought a new stake in Joby Aviation during the first quarter worth approximately $37,000. Edgestream Partners L.P. acquired a new stake in Joby Aviation in the first quarter worth approximately $1,189,000. Finally, Arkadios Wealth Advisors acquired a new stake in Joby Aviation in the first quarter worth approximately $90,000. 52.85% of the stock is currently owned by institutional investors.

Joby Aviation Company Profile

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.