Joby Aviation (NYSE:JOBY) CFO Sells 2,601 Shares of Stock

Joby Aviation, Inc. (NYSE:JOBY) CFO Rodrigo Brumana sold 2,601 shares of Joby Aviation stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $23,200.92. Following the transaction, the chief financial officer directly owned 84,139 shares of the company’s stock, valued at $750,519.88. This represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rodrigo Brumana also recently made the following trade(s):

• On Thursday, June 4th, Rodrigo Brumana sold 78,489 shares of Joby Aviation stock. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70.
• On Wednesday, April 8th, Rodrigo Brumana sold 566 shares of Joby Aviation stock. The stock was sold at an average price of $8.87, for a total transaction of $5,020.42.

Joby Aviation Price Performance

Shares of NYSE:JOBY traded up $0.45 during trading on Monday, reaching $8.94. The stock had a trading volume of 55,744,434 shares, compared to its average volume of 30,442,541. The stock has a market capitalization of $8.79 billion, a PE ratio of -7.77 and a beta of 2.71. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. Joby Aviation, Inc. has a 52 week low of $7.75 and a 52 week high of $20.95. The business’s 50-day moving average price is $9.94 and its 200 day moving average price is $10.73.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company earned ($0.11) EPS. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on JOBY. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research report on Wednesday, May 6th. Wall Street Zen raised shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. Finally, Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a report on Thursday, May 7th. 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. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $13.64.

More Joby Aviation News

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.

Institutional Trading of Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Lingotto Investment Management LLP boosted its stake in shares of Joby Aviation by 34.2% in the 4th quarter. Lingotto Investment Management LLP now owns 3,138,240 shares of the company’s stock valued at $41,425,000 after purchasing an additional 799,260 shares during the last quarter. DNB Asset Management AS boosted its stake in Joby Aviation by 16.3% in the fourth quarter. DNB Asset Management AS now owns 366,281 shares of the company’s stock valued at $4,835,000 after acquiring an additional 51,344 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in Joby Aviation during the 3rd quarter worth $2,830,000. Vanguard Group Inc. boosted its position in shares of Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock worth $692,851,000 after purchasing an additional 2,540,382 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Joby Aviation during the fourth quarter worth $32,269,000. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.