Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells $83,223.60 in Stock

Joby Aviation, Inc. (NYSE:JOBY) insider Eric Allison sold 9,330 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $83,223.60. Following the completion of the transaction, the insider directly owned 684,779 shares in the company, valued at $6,108,228.68. This trade represents a 1.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Eric Allison also recently made the following trade(s):

• On Wednesday, May 6th, Eric Allison sold 74,844 shares of Joby Aviation stock. The stock was sold at an average price of $10.00, for a total value of $748,440.00.
• On Monday, April 13th, Eric Allison sold 27,698 shares of Joby Aviation stock. The shares were sold at an average price of $8.20, for a total transaction of $227,123.60.
• On Wednesday, April 8th, Eric Allison sold 826 shares of Joby Aviation stock. The stock was sold at an average price of $8.87, for a total value of $7,326.62.

Joby Aviation Trading Down 2.3%

Shares of NYSE:JOBY opened at $7.93 on Thursday. The company’s fifty day simple moving average is $9.91 and its 200 day simple moving average is $10.65. Joby Aviation, Inc. has a 12 month low of $7.75 and a 12 month high of $20.95. The firm has a market cap of $7.81 billion, a price-to-earnings ratio of -6.90 and a beta of 2.71. The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.09. The business had revenue of $24.25 million during the quarter, compared to analysts’ expectations of $20.17 million. Joby Aviation had a negative net margin of 1,232.62% and a negative return on equity of 60.54%. During the same quarter in the prior year, the company posted ($0.11) earnings per share. As a group, research analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

JOBY has been the topic of a number of recent research reports. Weiss Ratings lowered shares of Joby Aviation from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, May 4th. Morgan Stanley decreased their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. Canaccord Genuity Group lowered their price objective on shares of Joby Aviation from $15.50 to $11.50 and set a “hold” rating for the company in a research report on Thursday, May 7th. Wall Street Zen upgraded Joby Aviation from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Joby Aviation in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $13.64.

Key Headlines Impacting Joby Aviation

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Investors are still focused on the upside if Joby can launch commercial air taxi service by 2030 or even sooner, since that would validate its eVTOL model and could open a major new revenue stream. Prediction: Can Joby Aviation Stock Soar 500% by 2030?
• Positive Sentiment: Recent coverage continues to highlight the possibility that Joby could begin commercial air taxi operations this year, which keeps speculative buying interest alive. Joby Aviation Stock: Is It More Likely to Hit $15 or $5 This Year?
• Neutral Sentiment: Toyota’s ongoing partnership work with Joby Aviation keeps a strategic industry name attached to the company, reinforcing its long-term commercialization story. Toyota Motor (TSE:7203) Extends Lexus MSG Partnership, Is It Fully Priced?
• Neutral Sentiment: Multiple insider sales were disclosed from executives including the CEO and CFO, but the filings indicate many of the transactions were related to tax withholding or routine sales tied to vesting awards. Joby Aviation (NYSE:JOBY) CFO Rodrigo Brumana Sells 2,601 Shares
• Negative Sentiment: The stock is being weighed down by concerns that Joby’s aircraft is not yet approved for commercial use, so any delay in regulatory progress could pressure the shares further. Joby Aviation stock tests $8 support zone: What’s driving the air taxi pullback?
• Negative Sentiment: Recent insider selling from several top executives may be adding to investor caution, even if the sales were largely prearranged or tax-related. Joby Aviation (NYSE:JOBY) CEO Joeben Bevirt Sells 15,788 Shares

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Joby Aviation by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company’s stock valued at $692,851,000 after buying an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC increased its holdings in Joby Aviation by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock worth $155,671,000 after purchasing an additional 390,794 shares in the last quarter. State Street Corp raised its stake in shares of Joby Aviation by 5.0% during the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock valued at $142,731,000 after acquiring an additional 512,129 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Joby Aviation by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after acquiring an additional 271,475 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Joby Aviation by 41.2% in the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock worth $67,661,000 after purchasing an additional 1,223,412 shares during the period. Institutional investors own 52.85% of the company’s stock.

Joby Aviation Company Profile

Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company’s core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby’s eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.

The company’s flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.