Joby Aviation, Inc. (NYSE:JOBY) Insider Sells $2,992,116.00 in Stock

Key Points

• Bonny W. Simi, an insider at Joby Aviation, sold 173,456 shares valued at $2,992,116, which represents a 45.07% decrease in their ownership.
• Joby Aviation reported a quarterly loss of ($0.24) EPS, missing analysts' expectations, with revenue down 94.6% year-over-year at $0.02 million.
• Analysts have mixed views on Joby Aviation, with ratings ranging from sell to hold, and an average target price set at $10.50.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Bonny W. Simi sold 173,456 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $17.25, for a total value of $2,992,116.00. Following the sale, the insider directly owned 211,397 shares of the company's stock, valued at approximately $3,646,598.25. This represents a 45.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Joby Aviation Trading Up 2.3%

JOBY traded up $0.38 during midday trading on Monday, hitting $17.02. The company's stock had a trading volume of 23,039,173 shares, compared to its average volume of 44,890,888. The firm has a market cap of $13.48 billion, a P/E ratio of -15.91 and a beta of 2.52. The firm has a 50-day moving average price of $12.70 and a two-hundred day moving average price of $8.85. Joby Aviation, Inc. has a 52-week low of $4.70 and a 52-week high of $20.95.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.06). Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The business had revenue of $0.02 million during the quarter, compared to analysts' expectations of $0.05 million. During the same quarter in the previous year, the business posted ($0.18) EPS. The company's quarterly revenue was down 94.6% on a year-over-year basis. On average, equities analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of JOBY. LPL Financial LLC raised its position in shares of Joby Aviation by 36.7% in the 4th quarter. LPL Financial LLC now owns 162,647 shares of the company's stock valued at $1,322,000 after purchasing an additional 43,644 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Joby Aviation by 129.4% in the 4th quarter. JPMorgan Chase & Co. now owns 779,095 shares of the company's stock valued at $6,334,000 after purchasing an additional 439,436 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Joby Aviation by 54.3% in the 4th quarter. Wells Fargo & Company MN now owns 269,412 shares of the company's stock valued at $2,190,000 after purchasing an additional 94,825 shares in the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of Joby Aviation in the 4th quarter valued at approximately $259,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Joby Aviation in the 4th quarter valued at approximately $936,000. Hedge funds and other institutional investors own 52.85% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. HC Wainwright downgraded Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday. JPMorgan Chase & Co. lifted their price target on Joby Aviation from $5.00 to $7.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 price target on shares of Joby Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group downgraded Joby Aviation from a "buy" rating to a "hold" rating and lifted their price target for the stock from $12.00 to $17.00 in a research note on Thursday. Finally, Wall Street Zen downgraded Joby Aviation from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, Joby Aviation presently has an average rating of "Hold" and a consensus target price of $10.50.

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.

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