Insider Selling: Joby Aviation (NYSE:JOBY) Insider Sells 4,776 Shares of Stock

Key Points

• Gregory Bowles, an insider at Joby Aviation, sold 4,776 shares on October 3rd at an average price of $18.09, reducing his ownership by 2.96% to a total of 156,464 shares valued at approximately $2.83 million.
• Joby Aviation reported a significant quarterly revenue decline of 94.6%, with earnings per share of ($0.24), missing the consensus estimate.
• Large investors, including Toyota Motor Corp, have recently increased their stakes, indicating strong institutional interest in the company.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Gregory Bowles sold 4,776 shares of Joby Aviation stock in a transaction that occurred on Friday, October 3rd. The shares were sold at an average price of $18.09, for a total transaction of $86,397.84. Following the completion of the transaction, the insider directly owned 156,464 shares in the company, valued at $2,830,433.76. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Thursday, October 2nd, Gregory Bowles sold 3,493 shares of Joby Aviation stock. The stock was sold at an average price of $16.78, for a total value of $58,612.54.
• On Monday, September 22nd, Gregory Bowles sold 12,900 shares of Joby Aviation stock. The stock was sold at an average price of $15.75, for a total transaction of $203,175.00.
• On Monday, August 25th, Gregory Bowles sold 7,754 shares of Joby Aviation stock. The shares were sold at an average price of $14.80, for a total transaction of $114,759.20.
• On Friday, August 22nd, Gregory Bowles sold 3,402 shares of Joby Aviation stock. The stock was sold at an average price of $14.56, for a total transaction of $49,533.12.

Joby Aviation Price Performance

Shares of NYSE:JOBY traded up $0.46 during midday trading on Friday, reaching $18.26. The company had a trading volume of 35,832,315 shares, compared to its average volume of 41,566,616. Joby Aviation, Inc. has a 52-week low of $4.80 and a 52-week high of $20.95. The company's 50 day moving average price is $15.70 and its 200 day moving average price is $10.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.06). The business had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.05 million. During the same period in the prior year, the company posted ($0.18) earnings per share. Joby Aviation's quarterly revenue was down 94.6% compared to the same quarter last year. On average, equities research analysts forecast that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on JOBY. JPMorgan Chase & Co. raised their target price on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research report on Friday, August 1st. HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a research report on Thursday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Joby Aviation in a report on Saturday, September 27th. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 price target on shares of Joby Aviation in a research report on Monday, June 23rd. Finally, Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $10.50.

Institutional Investors Weigh In On Joby Aviation

Large investors have recently bought and sold shares of the stock. Toyota Motor Corp boosted its position in shares of Joby Aviation by 63.1% during the 2nd quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock worth $1,355,194,000 after acquiring an additional 49,701,790 shares in the last quarter. Nuveen LLC acquired a new position in shares of Joby Aviation during the 1st quarter worth about $18,936,000. Rheos Capital Works Inc. boosted its position in shares of Joby Aviation by 58.2% during the 2nd quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after acquiring an additional 2,650,000 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Joby Aviation during the 2nd quarter worth about $15,392,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Joby Aviation during the 2nd quarter worth about $12,471,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Joby Aviation Company Profile

Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.

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