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

Joby Aviation, Inc. (NYSE:JOBY)’s stock price fell 7.3% on Thursday after an insider sold shares in the company. The company traded as low as $5.55 and last traded at $5.60. 5,387,822 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 10,873,831 shares. The stock had previously closed at $6.04.

Specifically, CEO Joeben Bevirt sold 250,000 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total transaction of $1,472,500.00. Following the completion of the sale, the chief executive officer now owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Kate Dehoff sold 9,720 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $6.00, for a total transaction of $58,320.00. Following the sale, the insider now directly owns 219,366 shares of the company’s stock, valued at $1,316,196. The trade was a 4.24 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several research analysts have recently commented on JOBY shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Joby Aviation in a report on Thursday, February 27th. Canaccord Genuity Group lifted their price target on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Finally, JPMorgan Chase & Co. decreased their target price 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. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Joby Aviation has a consensus rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Trading Down 5.4 %

The firm has a market cap of $4.22 billion, a P/E ratio of -7.65 and a beta of 2.35. The firm has a 50-day simple moving average of $6.96 and a 200-day simple moving average of $6.93.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bouvel Investment Partners LLC boosted its holdings in shares of Joby Aviation by 1.4% in the 4th quarter. Bouvel Investment Partners LLC now owns 123,862 shares of the company’s stock valued at $1,007,000 after buying an additional 1,715 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Joby Aviation by 9.9% during the fourth quarter. NewEdge Advisors LLC now owns 21,505 shares of the company’s stock worth $175,000 after purchasing an additional 1,935 shares in the last quarter. Gallagher Fiduciary Advisors LLC lifted its holdings in shares of Joby Aviation by 3.1% during the 4th quarter. Gallagher Fiduciary Advisors LLC now owns 66,800 shares of the company’s stock valued at $543,000 after purchasing an additional 2,000 shares during the last quarter. California State Teachers Retirement System raised its stake in Joby Aviation by 1.1% in the fourth quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after buying an additional 2,065 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in Joby Aviation by 6.6% in the fourth quarter. Private Advisor Group LLC now owns 36,774 shares of the company’s stock worth $299,000 after acquiring an additional 2,261 shares in the last quarter. Hedge funds and other 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.