Joby Aviation (NYSE:JOBY) CEO Sells $140,828.96 in Stock

Key Points

• CEO Joeben Bevirt sold 15,788 Joby Aviation shares on July 2 for about $140,829, a transaction tied to tax withholding from vesting equity awards. After the sale, he still held 239,671 shares, and the filing noted this was a 6.18% reduction in his position.
• Joby Aviation shares rose 5.2% to $8.94, with trading volume far above average. The stock remains well below its 52-week high of $20.95 and trades under both its 50-day and 200-day moving averages.
• The company beat earnings expectations in its latest quarterly report, posting EPS of -$0.12 versus the expected -$0.21 and revenue of $24.25 million above estimates. Analysts still expect a loss for the full year, and sentiment remains mixed with several firms issuing hold or sell ratings.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) CEO Joeben Bevirt sold 15,788 shares of Joby Aviation stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total value of $140,828.96. Following the transaction, the chief executive officer owned 239,671 shares in the company, valued at $2,137,865.32. This trade represents a 6.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Friday, May 15th, Joeben Bevirt sold 421,019 shares of Joby Aviation stock. The stock was sold at an average price of $10.38, for a total transaction of $4,370,177.22.
• On Wednesday, April 15th, Joeben Bevirt sold 421,018 shares of Joby Aviation stock. The shares were sold at an average price of $9.03, for a total transaction of $3,801,792.54.
• On Wednesday, April 15th, Joeben Bevirt sold 39,963 shares of Joby Aviation stock. The stock was sold at an average price of $9.03, for a total transaction of $360,865.89.
• On Wednesday, April 8th, Joeben Bevirt sold 986 shares of Joby Aviation stock. The shares were sold at an average price of $8.87, for a total transaction of $8,745.82.

Joby Aviation Stock Up 5.2%

Shares of JOBY traded up $0.45 during midday trading on Monday, hitting $8.94. The stock had a trading volume of 55,744,434 shares, compared to its average volume of 30,442,541. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of -7.77 and a beta of 2.71. The company has a 50 day simple moving average of $9.93 and a two-hundred day simple moving average of $10.76. Joby Aviation, Inc. has a twelve month low of $7.75 and a twelve month high of $20.95. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05.

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

Hedge Funds Weigh In On Joby Aviation

A number of institutional investors have recently modified their holdings of JOBY. Royal Bank of Canada boosted its position in Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock valued at $512,000 after buying an additional 44,659 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Joby Aviation during the 1st quarter valued at $273,000. Strs Ohio acquired a new stake in shares of Joby Aviation during the 1st quarter valued at $37,000. Cetera Investment Advisers grew its position in Joby Aviation by 16.0% during the 2nd quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock worth $676,000 after acquiring an additional 8,840 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Joby Aviation by 80.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company's stock worth $7,920,000 after acquiring an additional 333,995 shares during the last quarter. Institutional investors and hedge funds own 52.85% of the company's stock.

Key Stories Impacting Joby Aviation

Here are the key news stories impacting Joby Aviation this week:

• Positive Sentiment: Investor excitement increased after reports highlighted Toyota’s support for Joby’s all-electric air taxis and the company’s progress toward vertical flight and production readiness. Toyota backs Joby’s all-electric air taxis as production aircraft prepare for vertical flight
• Positive Sentiment: Joby also announced it is expanding manufacturing capacity in California and Ohio and adding aircraft to its fleet, reinforcing the narrative that it is scaling operations ahead of commercialization. Joby Expands Manufacturing Capacity in California and Ohio, Adds New Aircraft to Its Fleet
• Positive Sentiment: Several market commentaries pointed to a strong Monday rally, saying Joby’s valuation got another lift as traders focused on expansion and air taxi growth prospects. Why Joby Aviation Stock Is Surging Today
• Neutral Sentiment: Multiple executives and insiders, including the CEO, CFO, and other senior leaders, sold shares this week, but the filings say the sales were primarily to cover tax withholding tied to vesting equity awards or made under a pre-arranged trading plan, which makes the activity less concerning than open-market selling.

Analysts Set New Price Targets

JOBY has been the subject of several research reports. Wall Street Zen upgraded shares of Joby Aviation from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Needham & Company LLC reiterated a "buy" rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Canaccord Genuity Group reduced their price target on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a research note on Thursday, May 7th. Morgan Stanley decreased their price objective on Joby Aviation from $15.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 6th. Finally, HC Wainwright reiterated a "buy" rating and set a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, March 12th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Joby Aviation currently has an average rating of "Reduce" and an average price target of $13.64.

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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