Joby Aviation (NYSE:JOBY) Director Sells $7,175,014.35 in Stock

Key Points

• Paul Cahill Sciarra, a director at Joby Aviation, sold 500,001 shares of the company for a total of $7,175,014.35, reducing his ownership by 0.87% to 56,828,058 shares.
• Joby Aviation's stock recently fell 4.5%, reaching a trading price of $14.28, while the company has a 52-week trading range of $4.70 to $20.95.
• The company reported a loss of $0.24 EPS for the last quarter, missing estimates and reflecting a year-over-year revenue decline of 94.6%.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $14.35, for a total value of $7,175,014.35. Following the completion of the transaction, the director directly owned 56,828,058 shares in the company, valued at $815,482,632.30. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Paul Cahill Sciarra also recently made the following trade(s):

• On Monday, July 14th, Paul Cahill Sciarra sold 500,001 shares of Joby Aviation stock. The stock was sold at an average price of $12.38, for a total value of $6,190,012.38.
• On Monday, June 23rd, Paul Cahill Sciarra sold 333,334 shares of Joby Aviation stock. The stock was sold at an average price of $8.40, for a total value of $2,800,005.60.

Joby Aviation Stock Down 4.5%

Joby Aviation stock traded down $0.67 during midday trading on Monday, hitting $14.28. 21,638,937 shares of the company were exchanged, compared to its average volume of 32,557,114. Joby Aviation, Inc. has a fifty-two week low of $4.70 and a fifty-two week high of $20.95. The business has a fifty day simple moving average of $14.15 and a two-hundred day simple moving average of $9.39.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted its 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). The company had revenue of $0.02 million for the quarter, compared to analyst estimates of $0.05 million. Joby Aviation had a negative return on equity of 71.29% and a negative net margin of 447,083.78%.The firm's revenue was down 94.6% on a year-over-year basis. During the same period last year, the business earned ($0.18) earnings per share. As a group, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Hedge Funds Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Toyota Motor Corp lifted its position in shares of Joby Aviation by 63.1% in the second quarter. Toyota Motor Corp now owns 128,454,401 shares of the company's stock valued at $1,355,194,000 after acquiring an additional 49,701,790 shares in the last quarter. Uber Technologies Inc purchased a new position in Joby Aviation during the fourth quarter worth approximately $207,842,000. Geode Capital Management LLC lifted its position in Joby Aviation by 5.4% during the second quarter. Geode Capital Management LLC now owns 11,109,935 shares of the company's stock worth $117,230,000 after buying an additional 573,328 shares in the last quarter. State Street Corp lifted its position in Joby Aviation by 3.0% during the second quarter. State Street Corp now owns 10,392,018 shares of the company's stock worth $109,636,000 after buying an additional 305,109 shares in the last quarter. Finally, Rheos Capital Works Inc. lifted its position in Joby Aviation by 58.2% during the second quarter. Rheos Capital Works Inc. now owns 7,205,000 shares of the company's stock worth $76,013,000 after buying an additional 2,650,000 shares in the last quarter. Hedge funds and other institutional investors own 52.85% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on JOBY. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. Canaccord Genuity Group lowered Joby Aviation from a "buy" rating to a "hold" rating and raised their target price for the stock from $12.00 to $17.00 in a report on Thursday, August 7th. HC Wainwright lowered Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Wall Street Zen lowered Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, JPMorgan Chase & Co. raised their price objective on Joby Aviation from $5.00 to $7.00 and gave the company an "underweight" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $10.50.

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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