Joby Aviation (NYSE:JOBY) Insider Gregory Bowles Sells 6,138 Shares of Stock

Key Points

• Joby Aviation insider Gregory Bowles sold 6,138 shares at an average price of $6.35, generating $38,976.30. The sale, conducted under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 3.13% to 190,170 shares.
• JOBY shares fell 3.2% to $6.24 and are trading well below their 50-day and 200-day moving averages. The company recently reported a quarterly EPS loss of $0.25, missing estimates, despite revenue of $38.64 million exceeding forecasts.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $13.81. Institutional investors own 52.85% of the stock, while several hedge funds increased their positions during the second quarter.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Gregory Bowles sold 6,138 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $6.35, for a total transaction of $38,976.30. Following the sale, the insider owned 190,170 shares in the company, valued at approximately $1,207,579.50. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, August 25th, Gregory Bowles sold 4,575 shares of Joby Aviation stock. The stock was sold at an average price of $7.23, for a total transaction of $33,077.25.
• On Monday, August 24th, Gregory Bowles sold 3,531 shares of Joby Aviation stock. The stock was sold at an average price of $7.34, for a total value of $25,917.54.
• 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 value 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 value of $46,009.36.

Joby Aviation Stock Down 3.2%

JOBY traded down $0.20 on Wednesday, hitting $6.24. 18,097,012 shares of the company were exchanged, compared to its average volume of 31,718,594. The firm has a 50-day moving average price of $7.23 and a two-hundred day moving average price of $8.67. 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, Inc. has a twelve month low of $5.93 and a twelve month high of $19.98. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -6.30 and a beta of 2.68.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.02). The company 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%. Joby Aviation's revenue for the quarter was up 257493.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.41) EPS. On average, equities analysts predict that Joby Aviation, Inc. will post -1 earnings per share for the current year.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. The Manufacturers Life Insurance Company lifted its position in shares of Joby Aviation by 22.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 385,572 shares of the company's stock worth $3,439,000 after buying an additional 70,772 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Joby Aviation by 46.6% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 57,994 shares of the company's stock valued at $517,000 after buying an additional 18,427 shares during the last quarter. NewEdge Advisors LLC raised its stake in Joby Aviation by 37.8% during the 2nd quarter. NewEdge Advisors LLC now owns 53,240 shares of the company's stock worth $475,000 after acquiring an additional 14,594 shares in the last quarter. Arizona State Retirement System raised its stake in Joby Aviation by 10.2% during the 2nd quarter. Arizona State Retirement System now owns 67,557 shares of the company's stock worth $603,000 after acquiring an additional 6,258 shares in the last quarter. Finally, Corient Private Wealth LP raised its stake in Joby Aviation by 68.6% during the 2nd quarter. Corient Private Wealth LP now owns 34,306 shares of the company's stock worth $306,000 after acquiring an additional 13,955 shares in the last quarter. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on JOBY. Cantor Fitzgerald reissued a "neutral" rating on shares of Joby Aviation in a research report on Monday. Susquehanna set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, August 6th. Needham & Company LLC lowered their target price on shares of Joby Aviation from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Joby Aviation from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 14th. Finally, Barclays raised Joby Aviation to a "hold" rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $13.81.

About Joby Aviation

Joby Aviation, Inc develops electric vertical takeoff and landing (eVTOL) aircraft intended to support commercial air-taxi services. Its aircraft are designed to take off and land vertically like helicopters while traveling with the speed and range of conventional aircraft, with the goal of providing quieter, lower-emission transportation for urban and regional journeys.

The company is pursuing an integrated business model that includes designing and manufacturing its aircraft, operating air-taxi services, and providing related technology and infrastructure.

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