Joby Aviation (NYSE:JOBY) Stock Price Down 3.8% on Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 3.8% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $7.67 and last traded at $7.89. 9,985,820 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 7,878,116 shares. The stock had previously closed at $8.20.

Specifically, insider Gregory Bowles sold 7,748 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several research firms recently issued reports on JOBY. Canaccord Genuity Group dropped their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Monday, September 30th. Needham & Company LLC began coverage on shares of Joby Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Price Performance

The company’s 50 day moving average price is $5.71 and its 200 day moving average price is $5.44. The firm has a market capitalization of $6.12 billion, a P/E ratio of -11.43 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). Joby Aviation had a negative net margin of 42,844.57% and a negative return on equity of 51.76%. The company had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.06 million. During the same period last year, the company earned ($0.13) earnings per share. On average, research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of JOBY. Caprock Group LLC grew its holdings in Joby Aviation by 179.5% during the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after acquiring an additional 79,896 shares during the period. Susquehanna Fundamental Investments LLC grew its holdings in Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after acquiring an additional 616,579 shares during the period. Rhumbline Advisers grew its holdings in Joby Aviation by 26.7% during the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock worth $2,798,000 after acquiring an additional 115,483 shares during the period. Vanguard Group Inc. grew its holdings in Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after acquiring an additional 2,889,012 shares during the period. Finally, Cetera Advisors LLC grew its holdings in Joby Aviation by 32.9% during the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock worth $109,000 after acquiring an additional 5,025 shares during the period. 45.54% of the stock is owned by institutional investors.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.