Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells $25,917.54 in Stock

Key Points

• Joby Aviation insider Gregory Bowles sold 3,531 shares for approximately $25,918 at an average price of $7.34 under a pre-arranged Rule 10b5-1 plan, primarily to cover tax withholding on vested equity awards.
• Joby shares rose 0.6% to $7.24, but remain well below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.25 per share, missing estimates, despite revenue of $38.64 million exceeding forecasts.
• Analyst sentiment remains cautious, with an average “Reduce” rating and a consensus price target of $13.81; ratings include two Buys, four Holds, and three Sells.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Gregory Bowles sold 3,531 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $7.34, for a total value of $25,917.54. Following the transaction, the insider directly owned 196,561 shares of the company's stock, valued at $1,442,757.74. The trade was a 1.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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.

Gregory Bowles also recently made the following trade(s):

• On Tuesday, August 25th, Gregory Bowles sold 4,575 shares of Joby Aviation stock. The shares were sold at an average price of $7.23, for a total value of $33,077.25.
• On Monday, July 6th, Gregory Bowles sold 4,724 shares of Joby Aviation stock. The shares were sold at an average price of $9.10, for a total transaction of $42,988.40.
• On Thursday, July 2nd, Gregory Bowles sold 5,158 shares of Joby Aviation stock. The shares were sold at an average price of $8.92, for a total transaction of $46,009.36.

Joby Aviation Stock Up 0.6%

Shares of Joby Aviation stock traded up $0.05 during trading on Tuesday, hitting $7.24. 21,939,290 shares of the stock were exchanged, compared to its average volume of 32,496,830. The company has a debt-to-equity ratio of 0.40, a current ratio of 17.98 and a quick ratio of 17.98. The firm's 50-day moving average price is $8.14 and its 200 day moving average price is $9.17. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of -7.31 and a beta of 2.73. Joby Aviation, Inc. has a 12-month low of $6.63 and a 12-month high of $19.98.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group reduced their price objective on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a research note on Thursday, May 7th. Needham & Company LLC cut their target price on shares of Joby Aviation from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Morgan Stanley reduced 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. Barclays raised shares of Joby Aviation to a "hold" rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of Joby Aviation from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Two equities 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. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $13.81.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently bought and sold shares of JOBY. Royal Bank of Canada increased its position in Joby Aviation by 110.5% during the 1st quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock worth $512,000 after purchasing an additional 44,659 shares during the period. AQR Capital Management LLC acquired a new position in Joby Aviation during the first quarter worth about $273,000. Strs Ohio purchased a new position in Joby Aviation in the first quarter valued at about $37,000. Cetera Investment Advisers lifted its position in shares of Joby Aviation by 16.0% during the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock valued at $676,000 after acquiring an additional 8,840 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake 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 in the last quarter. Hedge funds and other 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.

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