Joby Aviation (NYSE:JOBY) Stock Price Down 4.4% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares were down 4.4% on Tuesday after an insider sold shares in the company. The company traded as low as $8.94 and last traded at $9.2760. Approximately 35,142,807 shares were traded during mid-day trading, an increase of 25% from the average daily volume of 28,091,652 shares. The stock had previously closed at $9.70.

Specifically, CFO Rodrigo Brumana sold 78,489 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $11.30, for a total transaction of $886,925.70. Following the transaction, the chief financial officer owned 81,694 shares of the company’s stock, valued at $923,142.20. This represents a 49.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on JOBY. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $8.00 to $7.00 and set an “underweight” rating on the stock in a research note on Thursday, February 26th. Morgan Stanley lowered their price target on shares of Joby Aviation from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Joby Aviation from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Oppenheimer set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Joby Aviation presently has an average rating of “Reduce” and an average price target of $13.06.

Joby Aviation Stock Performance

The company has a quick ratio of 22.05, a current ratio of 22.06 and a debt-to-equity ratio of 0.36. The stock has a 50 day simple moving average of $9.72 and a two-hundred day simple moving average of $11.46. The stock has a market capitalization of $9.12 billion, a P/E ratio of -8.07 and a beta of 2.66.

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

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. raised its position in shares of Joby Aviation by 13.2% in the third quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company’s stock valued at $806,166,000 after purchasing an additional 5,828,189 shares during the period. Renaissance Technologies LLC raised its holdings in 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 acquiring an additional 2,645,200 shares during the period. Man Group plc acquired a new position in shares of Joby Aviation in the third quarter valued at approximately $40,283,000. Norges Bank bought a new position in shares of Joby Aviation during the fourth quarter worth approximately $32,269,000. Finally, Clear Street Group Inc. acquired a new stake in Joby Aviation during the 3rd quarter worth approximately $36,264,000. 52.85% of the stock is owned by institutional investors.

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.