Insider Selling: Joby Aviation, Inc. (NYSE:JOBY) CEO Sells 472,000 Shares of Stock

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) CEO Joeben Bevirt sold 472,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $9.82, for a total transaction of $4,635,040.00. Following the completion of the transaction, the chief executive officer directly owned 360,999 shares of the company's stock, valued at approximately $3,545,010.18. The trade was a 56.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, July 2nd, Joeben Bevirt sold 32,285 shares of Joby Aviation stock. The shares were sold at an average price of $9.82, for a total value of $317,038.70.
• On Wednesday, May 14th, Joeben Bevirt sold 101,652 shares of Joby Aviation stock. The stock was sold at an average price of $6.66, for a total transaction of $677,002.32.
• On Tuesday, April 8th, Joeben Bevirt sold 2,349 shares of Joby Aviation stock. The shares were sold at an average price of $5.79, for a total value of $13,600.71.

Joby Aviation Stock Performance

Joby Aviation stock traded up $0.36 during midday trading on Thursday, hitting $10.52. 21,153,154 shares of the company's stock were exchanged, compared to its average volume of 14,884,536. The company has a market cap of $8.33 billion, a P/E ratio of -12.52 and a beta of 2.47. The stock has a 50-day moving average price of $7.81 and a two-hundred day moving average price of $7.46. Joby Aviation, Inc. has a 52-week low of $4.66 and a 52-week high of $11.16.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 63.27% and a negative net margin of 447,083.78%. During the same quarter last year, the business earned ($0.14) earnings per share. As a group, sell-side analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers lifted its position in Joby Aviation by 5.4% in the 1st quarter. Rhumbline Advisers now owns 626,743 shares of the company's stock worth $3,773,000 after buying an additional 32,324 shares during the last quarter. Strs Ohio purchased a new position in shares of Joby Aviation during the first quarter worth approximately $37,000. Intech Investment Management LLC raised its stake in shares of Joby Aviation by 70.4% during the first quarter. Intech Investment Management LLC now owns 307,135 shares of the company's stock worth $1,849,000 after acquiring an additional 126,908 shares in the last quarter. Integrity Alliance LLC. purchased a new stake in shares of Joby Aviation in the 1st quarter valued at $124,000. Finally, PharVision Advisers LLC bought a new position in shares of Joby Aviation during the 1st quarter valued at $61,000. 52.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Morgan Stanley reaffirmed an "equal weight" rating and issued a $7.00 price target (down from $10.00) on shares of Joby Aviation in a research note on Friday, April 11th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $12.00 price target on shares of Joby Aviation in a research note on Wednesday, June 4th. Cantor Fitzgerald reissued a "neutral" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Monday, June 23rd. Finally, HC Wainwright reaffirmed a "buy" rating and set a $13.00 target price (up from $9.00) on shares of Joby Aviation in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $9.33.

About Joby Aviation

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.