Insider Selling: Joby Aviation (NYSE:JOBY) CEO Sells 421,019 Shares of Stock

Key Points

• Joby Aviation CEO Joeben Bevirt sold 421,019 shares on May 15 at an average price of $10.38, generating about $4.37 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
• After the transaction, Bevirt still directly owned 31.68 million shares of Joby Aviation, worth about $328.8 million. The sale reduced his ownership by 1.31%.
• Joby recently reported a smaller-than-expected quarterly loss of $0.12 per share and revenue of $24.25 million, but analysts remain cautious overall with an average rating of “Reduce” and an average price target of $13.06.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) CEO Joeben Bevirt sold 421,019 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.38, for a total transaction of $4,370,177.22. Following the completion of the sale, the chief executive officer directly owned 31,678,802 shares of the company's stock, valued at $328,825,964.76. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Joeben Bevirt also recently made the following trade(s):

• On Wednesday, April 15th, Joeben Bevirt sold 421,018 shares of Joby Aviation stock. The stock was sold at an average price of $9.03, for a total transaction of $3,801,792.54.
• On Wednesday, April 15th, Joeben Bevirt sold 39,963 shares of Joby Aviation stock. The shares were sold at an average price of $9.03, for a total value of $360,865.89.
• On Wednesday, April 8th, Joeben Bevirt sold 986 shares of Joby Aviation stock. The stock was sold at an average price of $8.87, for a total value of $8,745.82.
• On Thursday, April 2nd, Joeben Bevirt sold 15,823 shares of Joby Aviation stock. The shares were sold at an average price of $8.15, for a total value of $128,957.45.
• On Tuesday, March 10th, Joeben Bevirt sold 3,238 shares of Joby Aviation stock. The stock was sold at an average price of $10.25, for a total value of $33,189.50.
• On Tuesday, February 17th, Joeben Bevirt sold 507,182 shares of Joby Aviation stock. The stock was sold at an average price of $9.91, for a total value of $5,026,173.62.
• On Tuesday, February 17th, Joeben Bevirt sold 63,636 shares of Joby Aviation stock. The shares were sold at an average price of $9.91, for a total transaction of $630,632.76.

Joby Aviation Stock Performance

JOBY traded down $0.28 during trading on Friday, hitting $10.37. The stock had a trading volume of 25,343,597 shares, compared to its average volume of 27,752,779. The company has a debt-to-equity ratio of 0.36, a quick ratio of 22.05 and a current ratio of 22.06. The firm has a market capitalization of $10.15 billion, a P/E ratio of -9.01 and a beta of 2.61. The company's 50-day moving average price is $9.26 and its 200 day moving average price is $12.00. Joby Aviation, Inc. has a twelve month low of $6.42 and a twelve month high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $24.25 million for the quarter, compared to the consensus estimate of $20.17 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have issued reports on JOBY. Weiss Ratings cut Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. JPMorgan Chase & Co. decreased their price target on Joby Aviation from $8.00 to $7.00 and set an "underweight" rating on the stock in a research note on Thursday, February 26th. Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Oppenheimer set a $18.00 price objective on Joby Aviation in a research report on Thursday, February 26th. Finally, Canaccord Genuity Group decreased their target price on shares of Joby Aviation from $15.50 to $11.50 and set a "hold" rating on the stock in a research report on Thursday, May 7th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $13.06.

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. Themes Management Co LLC lifted its holdings in shares of Joby Aviation by 97.6% in the first quarter. Themes Management Co LLC now owns 25,615 shares of the company's stock valued at $212,000 after purchasing an additional 12,655 shares in the last quarter. Waverly Advisors LLC increased its stake in shares of Joby Aviation by 50.9% during the 1st quarter. Waverly Advisors LLC now owns 19,178 shares of the company's stock worth $158,000 after purchasing an additional 6,468 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Joby Aviation during the 1st quarter worth approximately $848,000. Renaissance Technologies LLC lifted its stake 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 buying an additional 2,645,200 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in Joby Aviation in the 1st quarter valued at approximately $6,915,000. Institutional investors and hedge funds 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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