Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells $210,327.96 in Stock

Key Points

• Joby Aviation insider Eric Allison sold 27,932 shares on July 13 at an average price of $7.53, totaling about $210,328. The company said the sale was made to cover tax withholding tied to vesting equity awards.
• This was not Allison’s only recent sale; he also sold shares on July 2 and May 6, indicating a pattern of insider selling over the past few months.
• JOBY shares rose 5.5% to $7.89 despite the insider sale, while the stock remains well below its 52-week high and Wall Street’s average rating is currently “Reduce.”

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Eric Allison sold 27,932 shares of the business's stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $7.53, for a total value of $210,327.96. Following the completion of the sale, the insider directly owned 710,396 shares in the company, valued at approximately $5,349,281.88. The trade was a 3.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Eric Allison also recently made the following trade(s):

• On Thursday, July 2nd, Eric Allison sold 9,330 shares of Joby Aviation stock. The stock was sold at an average price of $8.92, for a total value of $83,223.60.
• On Wednesday, May 6th, Eric Allison sold 74,844 shares of Joby Aviation stock. The stock was sold at an average price of $10.00, for a total value of $748,440.00.

Joby Aviation Trading Up 5.5%

Shares of NYSE JOBY traded up $0.41 during trading on Tuesday, reaching $7.89. The stock had a trading volume of 49,000,015 shares, compared to its average volume of 30,872,689. 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 company has a market cap of $7.77 billion, a P/E ratio of -6.87 and a beta of 2.71. Joby Aviation, Inc. has a fifty-two week low of $7.43 and a fifty-two week high of $20.95. The business's 50-day moving average price is $9.84 and its 200-day moving average price is $10.51.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.09. The firm had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter in the prior year, the company earned ($0.11) EPS. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

JOBY has been the subject of a number of research reports. Morgan Stanley dropped their price objective on shares of Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research report on Wednesday, May 6th. Canaccord Genuity Group reduced their price objective 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. Weiss Ratings lowered Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, May 4th. Finally, Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $13.64.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in JOBY. Vanguard Group Inc. raised its holdings in shares of Joby Aviation by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 52,488,707 shares of the company's stock valued at $692,851,000 after purchasing an additional 2,540,382 shares in the last quarter. Geode Capital Management LLC raised its stake in Joby Aviation by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 11,790,532 shares of the company's stock valued at $155,671,000 after buying an additional 390,794 shares in the last quarter. State Street Corp raised its stake in Joby Aviation by 5.0% in the fourth quarter. State Street Corp now owns 10,812,929 shares of the company's stock valued at $142,731,000 after buying an additional 512,129 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Joby Aviation by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,370,983 shares of the company's stock worth $57,697,000 after buying an additional 271,475 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Joby Aviation by 41.2% during the 3rd quarter. Bank of America Corp DE now owns 4,192,109 shares of the company's stock worth $67,661,000 after buying an additional 1,223,412 shares during the last quarter. Institutional investors and hedge funds own 52.85% of the company's stock.

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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