Joby Aviation (NYSE:JOBY) Stock Price Down 3.4% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price dropped 3.4% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $9.81 and last traded at $10.37. Approximately 34,460,222 shares changed hands during trading, an increase of 4% from the average daily volume of 33,169,254 shares. The stock had previously closed at $10.73.

Specifically, insider Kate Dehoff sold 8,194 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $10.48, for a total value of $85,873.12. Following the completion of the transaction, the insider owned 163,722 shares in the company, valued at $1,715,806.56. The trade was a 4.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

JOBY has been the subject of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price objective on shares of Joby Aviation in a report on Thursday, November 6th. Canaccord Genuity Group reiterated a “hold” rating and issued a $15.50 price target on shares of Joby Aviation in a research note on Tuesday. The Goldman Sachs Group began coverage on shares of Joby Aviation in a research report on Monday, December 1st. They set a “sell” rating and a $10.00 price objective on the stock. HC Wainwright restated a “neutral” rating on shares of Joby Aviation in a report on Monday, November 24th. Finally, Zacks Research upgraded shares of Joby Aviation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, November 4th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $13.21.

Joby Aviation Price Performance

The company has a 50-day moving average of $14.21 and a two-hundred day moving average of $15.27. The company has a market capitalization of $9.46 billion, a PE ratio of -7.74 and a beta of 2.57.

Joby Aviation (NYSE:JOBY) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.29). The business had revenue of $22.57 million during the quarter, compared to analyst estimates of $0.02 million. During the same period last year, the firm posted ($0.21) EPS. The firm’s quarterly revenue was up 7962.1% on a year-over-year basis. As a group, research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. CWM LLC lifted its holdings in Joby Aviation by 8.1% during the second quarter. CWM LLC now owns 9,156 shares of the company’s stock valued at $97,000 after purchasing an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in shares of Joby Aviation by 22.5% in the third quarter. GPS Wealth Strategies Group LLC now owns 3,794 shares of the company’s stock worth $61,000 after purchasing an additional 697 shares in the last quarter. Asset Planning Inc raised its position in shares of Joby Aviation by 70.0% during the 3rd quarter. Asset Planning Inc now owns 1,700 shares of the company’s stock valued at $27,000 after purchasing an additional 700 shares during the period. GoalVest Advisory LLC lifted its stake in shares of Joby Aviation by 2.1% during the 4th quarter. GoalVest Advisory LLC now owns 33,500 shares of the company’s stock valued at $442,000 after buying an additional 700 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Joby Aviation by 4.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 16,705 shares of the company’s stock valued at $270,000 after buying an additional 736 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other 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.