Joby Aviation (NYSE:JOBY) Trading Down 0.8% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares traded down 0.8% during trading on Wednesday following insider selling activity. The stock traded as low as $5.68 and last traded at $5.83. 3,395,886 shares were traded during trading, a decline of 70% from the average session volume of 11,250,532 shares. The stock had previously closed at $5.87.

Specifically, insider Eric Allison sold 24,395 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $6.04, for a total value of $147,345.80. Following the completion of the sale, the insider now owns 627,726 shares in the company, valued at $3,791,465.04. This represents a 3.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

A number of research firms recently issued reports on JOBY. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group boosted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Thursday, February 27th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $8.58.

Joby Aviation Trading Up 1.3 %

The stock has a market cap of $4.62 billion, a price-to-earnings ratio of -8.38 and a beta of 2.35. The stock has a fifty day simple moving average of $6.46 and a 200-day simple moving average of $6.97.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Toyota Motor Corp bought a new position in shares of Joby Aviation during the 4th quarter worth about $640,259,000. Uber Technologies Inc bought a new stake in shares of Joby Aviation in the 4th quarter worth approximately $207,842,000. Vanguard Group Inc. grew its holdings in shares of Joby Aviation by 15.8% during the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock worth $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Joby Aviation by 331.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,260,082 shares of the company’s stock valued at $34,634,000 after purchasing an additional 3,272,597 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its stake in Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after buying an additional 2,281,161 shares in the last quarter. Institutional investors own 52.85% of the company’s stock.

About Joby Aviation

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.