Insider Selling: Joby Aviation (NYSE:JOBY) CFO Sells $256,115.87 in Stock

Joby Aviation, Inc. (NYSE:JOBY) CFO Rodrigo Brumana sold 37,831 shares of Joby Aviation stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $6.77, for a total transaction of $256,115.87. Following the transaction, the chief financial officer directly owned 119,729 shares in the company, valued at $810,565.33. This trade represents a 24.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rodrigo Brumana also recently made the following trade(s):

• On Thursday, September 3rd, Rodrigo Brumana sold 8,898 shares of Joby Aviation stock. The shares were sold at an average price of $6.89, for a total transaction of $61,307.22.
• On Thursday, July 2nd, Rodrigo Brumana sold 2,601 shares of Joby Aviation stock. The stock was sold at an average price of $8.92, for a total transaction of $23,200.92.

Joby Aviation Trading Up 0.7%

Shares of JOBY stock traded up $0.05 during trading on Thursday, hitting $6.87. 29,530,435 shares of the stock traded hands, compared to its average volume of 32,078,582. Joby Aviation, Inc. has a 52-week low of $6.61 and a 52-week high of $19.98. The firm has a market capitalization of $6.80 billion, a P/E ratio of -6.94 and a beta of 2.68. The firm’s fifty day moving average price is $7.77 and its 200-day moving average price is $9.01. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98.

Joby Aviation (NYSE:JOBY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.02). Joby Aviation had a negative return on equity of 55.29% and a negative net margin of 755.11%.The business had revenue of $38.64 million for the quarter, compared to analyst estimates of $30.20 million. During the same period last year, the business earned ($0.41) EPS. Joby Aviation’s revenue was up 257493.3% compared to the same quarter last year. As a group, research analysts forecast that Joby Aviation, Inc. will post -1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company’s stock valued at $155,671,000 after purchasing an additional 390,794 shares in the last quarter. State Street Corp raised its holdings in Joby Aviation by 5.0% during the fourth quarter. State Street Corp now owns 10,812,929 shares of the company’s stock worth $142,731,000 after purchasing an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Joby Aviation by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company’s stock worth $57,697,000 after buying an additional 271,475 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company’s stock worth $67,661,000 after buying an additional 1,223,412 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Joby Aviation by 194.5% in the 1st quarter. Renaissance Technologies LLC now owns 4,005,200 shares of the company’s stock valued at $33,083,000 after buying an additional 2,645,200 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on JOBY. Susquehanna set a $18.00 price objective on shares of Joby Aviation in a report on Thursday, August 6th. Wall Street Zen cut shares of Joby Aviation from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Canaccord Genuity Group cut their target price on Joby Aviation from $15.50 to $11.50 and set a “hold” rating on the stock in a research report on Thursday, May 7th. HC Wainwright reiterated a “buy” rating on shares of Joby Aviation in a report on Thursday, August 6th. Finally, Morgan Stanley decreased their target price on 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. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Joby Aviation has an average rating of “Reduce” and a consensus price target of $13.81.

About Joby Aviation

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.