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

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 3.8% on Tuesday following insider selling activity. The stock traded as low as $7.67 and last traded at $7.89. Approximately 9,985,820 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 7,878,116 shares. The stock had previously closed at $8.20.

Specifically, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction on 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. The trade was a 20.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Upgrades and Downgrades

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

Joby Aviation Stock Performance

The firm’s 50-day simple moving average is $5.71 and its 200 day simple moving average is $5.44. The stock 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 issued 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 return on equity of 51.76% and a negative net margin of 42,844.57%. The business 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 firm earned ($0.13) earnings per share. As a group, research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. lifted its position 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 buying an additional 2,889,012 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Joby Aviation by 5.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 193,322 shares of the company’s stock valued at $1,037,000 after purchasing an additional 10,234 shares during the period. Cetera Advisors LLC raised its holdings in shares of Joby Aviation by 32.9% in the 1st quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after purchasing an additional 5,025 shares during the period. DNB Asset Management AS raised its holdings in shares of Joby Aviation by 21.1% in the 2nd quarter. DNB Asset Management AS now owns 88,906 shares of the company’s stock valued at $453,000 after purchasing an additional 15,504 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Joby Aviation by 346.4% in the 2nd quarter. SG Americas Securities LLC now owns 336,062 shares of the company’s stock valued at $1,714,000 after purchasing an additional 260,780 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.