Joby Aviation (NYSE:JOBY) Shares Gap Down on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $8.20, but opened at $7.81. Joby Aviation shares last traded at $7.98, with a volume of 3,993,044 shares traded.

Specifically, insider Gregory Bowles sold 7,748 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.08, for a total transaction of $62,603.84. Following the completion of the sale, the insider now owns 29,235 shares in the company, valued at $236,218.80. This represents a 20.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on JOBY. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $8.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Wednesday, October 2nd. Canaccord Genuity Group cut their price objective 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 set a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their price target on 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 assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $8.35.

Joby Aviation Price Performance

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

Joby Aviation (NYSE:JOBY) last announced its 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 quarter in the previous year, the company posted ($0.13) EPS. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of 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 purchasing an additional 2,889,012 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Joby Aviation by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 193,322 shares of the company’s stock worth $1,037,000 after acquiring an additional 10,234 shares during the last quarter. Cetera Advisors LLC lifted its stake in shares of Joby Aviation by 32.9% during the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after acquiring an additional 5,025 shares during the period. DNB Asset Management AS boosted its holdings in Joby Aviation by 21.1% in the second quarter. DNB Asset Management AS now owns 88,906 shares of the company’s stock valued at $453,000 after acquiring an additional 15,504 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Joby Aviation by 346.4% in the second quarter. SG Americas Securities LLC now owns 336,062 shares of the company’s stock worth $1,714,000 after purchasing an additional 260,780 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.