Joby Aviation (NYSE:JOBY) Stock Price Down 7.3% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 7.3% on Thursday after an insider sold shares in the company. The stock traded as low as $5.52 and last traded at $5.69. 10,109,784 shares changed hands during mid-day trading, an increase of 72% from the average session volume of 5,890,566 shares. The stock had previously closed at $6.14.

Specifically, Director Paul Cahill Sciarra sold 166,666 shares of Joby Aviation stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total value of $858,329.90. Following the transaction, the director now owns 59,828,059 shares of the company’s stock, valued at $308,114,503.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $4.85, for a total value of $1,212,500.00. Following the sale, the chief executive officer now directly owns 32,674,274 shares of the company’s stock, valued at approximately $158,470,228.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

JOBY has been the subject of several research reports. Canaccord Genuity Group reiterated a “buy” rating and set a $10.50 price target on shares of Joby Aviation in a report on Friday. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised their price objective on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th.

Joby Aviation Price Performance

The company has a market capitalization of $4.21 billion, a price-to-earnings ratio of -7.82 and a beta of 1.97. The business has a fifty day moving average price of $5.21 and a 200 day moving average price of $5.22.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same period last year, the company earned ($0.17) EPS. As a group, sell-side analysts predict that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Vanguard Group Inc. boosted its holdings in Joby Aviation by 9.1% in the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after acquiring an additional 2,889,012 shares during the last quarter. Ieq Capital LLC raised its stake in shares of Joby Aviation by 68.6% during the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock worth $22,652,000 after buying an additional 1,807,054 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Joby Aviation in the first quarter valued at approximately $15,357,000. Bank of New York Mellon Corp grew its holdings in Joby Aviation by 41.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock worth $7,521,000 after acquiring an additional 435,069 shares during the period. Finally, 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. 45.54% of the stock is owned by institutional investors.

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.