Insider Selling: Joby Aviation (NYSE:JOBY) CFO Sells 37,831 Shares of Stock

Key Points

• Joby Aviation CFO Rodrigo Brumana sold 37,831 shares at an average price of $6.77, generating $256,115.87. The sale was made under a Rule 10b5-1 plan to cover tax obligations from vested equity awards and reduced his direct holdings by 24.01%.
• JOBY shares traded around $6.87, near their 52-week low of $6.61 and well below the 52-week high of $19.98. The company reported a quarterly loss of $0.25 per share, missing estimates, despite revenue of $38.64 million exceeding expectations.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $13.81; institutional investors own approximately 52.85% of the stock.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) CFO Rodrigo Brumana sold 37,831 shares of Joby Aviation stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $6.77, for a total transaction of $256,115.87. Following the completion of the sale, the chief financial officer directly owned 119,729 shares in the company, valued at $810,565.33. This represents a 24.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 stock was 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 Price Performance

JOBY traded up $0.05 during midday trading on Thursday, hitting $6.87. 29,530,435 shares of the company traded hands, compared to its average volume of 32,078,582. The business has a 50 day simple moving average of $7.77 and a two-hundred day simple moving average of $9.01. Joby Aviation, Inc. has a 52-week low of $6.61 and a 52-week high of $19.98. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of -6.94 and a beta of 2.68. The company has a current ratio of 17.98, a quick ratio of 17.98 and a debt-to-equity ratio of 0.40.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.25) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $38.64 million for the quarter, compared to analysts' expectations of $30.20 million. During the same period in the prior year, the firm earned ($0.41) EPS. The firm's revenue for the quarter was up 257493.3% on a year-over-year basis. On average, equities analysts forecast that Joby Aviation, Inc. will post -1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its position in shares of Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock valued at $512,000 after purchasing an additional 44,659 shares in the last quarter. AQR Capital Management LLC acquired a new position in Joby Aviation during the first quarter worth $273,000. Strs Ohio purchased a new stake in Joby Aviation in the 1st quarter valued at $37,000. Cetera Investment Advisers increased its stake in shares of Joby Aviation by 16.0% in the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock worth $676,000 after acquiring an additional 8,840 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Joby Aviation by 80.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company's stock worth $7,920,000 after acquiring an additional 333,995 shares during the period. 52.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on JOBY. Susquehanna set a $18.00 target price on Joby Aviation in a report on Thursday, August 6th. Canaccord Genuity Group lowered their price target on Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research note on Thursday, May 7th. HC Wainwright reiterated a "buy" rating on shares of Joby Aviation in a research report on Thursday, August 6th. Wall Street Zen downgraded Joby Aviation from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Reduce" and a consensus target price 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.

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