Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells 27,698 Shares of Stock

Key Points

• Insider sale: Chief Test Pilot Eric Allison sold 27,698 shares on April 13 at an average price of $8.20 for about $227,124, reducing his holding by 3.56% to 750,852 shares; the sale was disclosed in an SEC filing and was made to cover tax withholding on vested equity awards.
• Recent results are mixed: Joby beat quarterly EPS and posted revenue of $30.84M (up 5,506% year-over-year), but remains unprofitable and analysts expect about -0.69 EPS for the current fiscal year.
• Market context: JOBY traded near $8.80 with a market cap around $8.0B and 50/200-day moving averages of $9.49/$13.10, while the consensus analyst rating is 'Reduce' with an average price target of $13.81 amid varied buy/hold/sell coverage.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Eric Allison sold 27,698 shares of Joby Aviation stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $8.20, for a total transaction of $227,123.60. Following the sale, the insider owned 750,852 shares of the company's stock, valued at approximately $6,156,986.40. The trade was a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 Wednesday, April 8th, Eric Allison sold 826 shares of Joby Aviation stock. The stock was sold at an average price of $8.87, for a total value of $7,326.62.
• On Tuesday, March 10th, Eric Allison sold 2,351 shares of Joby Aviation stock. The stock was sold at an average price of $10.25, for a total value of $24,097.75.
• On Friday, February 13th, Eric Allison sold 9,815 shares of Joby Aviation stock. The stock was sold at an average price of $9.88, for a total transaction of $96,972.20.
• On Tuesday, February 10th, Eric Allison sold 1,526 shares of Joby Aviation stock. The shares were sold at an average price of $10.55, for a total transaction of $16,099.30.

Joby Aviation Price Performance

JOBY traded up $0.28 during midday trading on Tuesday, reaching $8.80. 20,392,352 shares of the company's stock were exchanged, compared to its average volume of 26,519,480. The business's 50-day moving average price is $9.49 and its 200 day moving average price is $13.10. The stock has a market capitalization of $8.02 billion, a PE ratio of -7.72 and a beta of 2.68. Joby Aviation, Inc. has a 1-year low of $5.61 and a 1-year high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.06. The company had revenue of $30.84 million for the quarter, compared to analyst estimates of $16.88 million. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. The company's revenue for the quarter was up 5506.5% on a year-over-year basis. As a group, analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Joby Aviation by 13.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,948,325 shares of the company's stock valued at $806,166,000 after acquiring an additional 5,828,189 shares during the last quarter. Man Group plc bought a new position in shares of Joby Aviation during the third quarter worth about $40,283,000. Norges Bank acquired a new position in Joby Aviation in the fourth quarter worth about $32,269,000. Clear Street Group Inc. bought a new stake in Joby Aviation in the third quarter valued at about $36,264,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Joby Aviation by 80.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,384,180 shares of the company's stock valued at $44,672,000 after buying an additional 1,512,094 shares during the last quarter. 52.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

JOBY has been the topic of a number of recent research reports. Oppenheimer set a $18.00 target price on shares of Joby Aviation in a report on Thursday, February 26th. Needham & Company LLC cut their price objective on shares of Joby Aviation to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research note on Thursday, March 12th. JPMorgan Chase & Co. decreased their target price on shares of Joby Aviation from $8.00 to $7.00 and set an "underweight" rating on the stock in a research report on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Joby Aviation in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $13.81.

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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