Joby Aviation (NYSE:JOBY) Stock Price Down 1.1% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price traded down 1.1% during trading on Tuesday following insider selling activity. The company traded as low as $5.92 and last traded at $5.96. 3,848,047 shares traded hands during trading, a decline of 66% from the average session volume of 11,234,801 shares. The stock had previously closed at $6.02.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on JOBY shares. Morgan Stanley restated an “equal weight” rating and set a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a research report on Friday, April 11th. Canaccord Genuity Group upped their price target on Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Joby Aviation in a research report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Joby Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.58.

Joby Aviation Price Performance

The company has a market cap of $4.62 billion, a price-to-earnings ratio of -8.39 and a beta of 2.35. The firm’s 50 day simple moving average is $6.50 and its 200-day simple moving average is $6.96.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Toyota Motor Corp acquired a new position in shares of Joby Aviation during the 4th quarter worth approximately $640,259,000. Baillie Gifford & Co. increased its position in Joby Aviation by 4.3% during the 4th quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company’s stock worth $447,412,000 after purchasing an additional 2,281,161 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Joby Aviation by 15.8% in the 4th quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company’s stock valued at $380,163,000 after purchasing an additional 6,388,232 shares in the last quarter. Uber Technologies Inc purchased a new stake in shares of Joby Aviation during the fourth quarter worth about $207,842,000. Finally, Geode Capital Management LLC lifted its stake in shares of Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company’s stock valued at $83,015,000 after buying an additional 817,638 shares during the period. 52.85% of the stock is currently owned by hedge funds and other 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.