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

Posted by Defense World Staff on Sep 20th, 2023

Shares of Joby Aviation, Inc. (NYSE:JOBY – Get Free Report) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $6.83, but opened at $6.69. Joby Aviation shares last traded at $6.70, with a volume of 634,655 shares trading hands.

Specifically, insider Eric Allison sold 21,101 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $10.70, for a total transaction of $225,780.70. Following the completion of the sale, the insider now directly owns 336,017 shares of the company’s stock, valued at $3,595,381.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Joby Aviation news, insider Eric Allison sold 21,101 shares of Joby Aviation stock in a transaction dated Thursday, July 13th. The shares were sold at an average price of $10.70, for a total value of $225,780.70. Following the sale, the insider now owns 336,017 shares of the company’s stock, valued at $3,595,381.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kate Dehoff sold 10,821 shares of the firm’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $9.00, for a total value of $97,389.00. Following the completion of the sale, the insider now directly owns 150,258 shares of the company’s stock, valued at $1,352,322. The disclosure for this sale can be found here. Insiders have sold a total of 1,358,362 shares of company stock valued at $14,240,708 in the last 90 days. 49.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

JOBY has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price objective on shares of Joby Aviation from $9.00 to $10.00 in a research note on Thursday, August 3rd. 888 reiterated a “maintains” rating on shares of Joby Aviation in a research note on Friday, June 30th. Canaccord Genuity Group initiated coverage on Joby Aviation in a research report on Friday, June 9th. They set a “buy” rating and a $8.00 price target on the stock. SpectralCast restated a “maintains” rating on shares of Joby Aviation in a research report on Friday, June 30th. Finally, JPMorgan Chase & Co. downgraded shares of Joby Aviation from a “neutral” rating to an “underweight” rating and raised their price target for the company from $5.00 to $6.00 in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.08.

Check Out Our Latest Stock Report on JOBY

Joby Aviation Stock Performance

The stock has a market capitalization of $4.70 billion, a P/E ratio of -7.61 and a beta of 2.11. The firm has a 50-day moving average price of $7.86 and a 200 day moving average price of $6.31.

Joby Aviation (NYSE:JOBY – Get Free Report) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.03). On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.66 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in JOBY. Baillie Gifford & Co. increased its position in shares of Joby Aviation by 574.9% in the second quarter. Baillie Gifford & Co. now owns 51,872,715 shares of the company’s stock valued at $532,214,000 after acquiring an additional 44,186,571 shares during the period. Vanguard Group Inc. increased its position in Joby Aviation by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 20,722,910 shares of the company’s stock valued at $89,731,000 after purchasing an additional 468,437 shares during the period. State Street Corp lifted its position in shares of Joby Aviation by 37.5% in the 2nd quarter. State Street Corp now owns 6,752,316 shares of the company’s stock worth $33,154,000 after purchasing an additional 1,840,567 shares during the period. Geode Capital Management LLC increased its position in shares of Joby Aviation by 16.8% during the second quarter. Geode Capital Management LLC now owns 6,012,621 shares of the company’s stock valued at $61,690,000 after buying an additional 866,873 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its stake in Joby Aviation by 50.1% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,240,736 shares of the company’s stock worth $18,066,000 after buying an additional 1,416,314 shares in the last quarter. 36.28% of the stock is owned by hedge funds and other institutional investors.

About Joby Aviation

(Get Free Report)

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.