Joby Aviation (NYSE:JOBY) Insider Eric Allison Sells 9,330 Shares of Stock

Key Points

• Insider sale: Joby Aviation insider Eric Allison sold 9,330 shares on July 2 at an average price of $8.92, worth about $83,224. The company said the sale was made to cover tax withholding tied to vested equity awards.
• Stock and trading activity: JOBY rose 5.2% to $8.94, with trading volume well above average. The stock remains far below its 52-week high of $20.95 and trades near its recent moving averages.
• Analyst and business outlook: Joby beat Q1 earnings and revenue expectations, but analysts remain cautious overall with a consensus rating of Reduce and an average price target of $13.64. Recent headlines point to support from Toyota and ongoing manufacturing expansion as key positives for the eVTOL maker.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Eric Allison sold 9,330 shares of Joby Aviation stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $8.92, for a total transaction of $83,223.60. Following the completion of the transaction, the insider directly owned 684,779 shares in the company, valued at approximately $6,108,228.68. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Eric Allison also recently made the following trade(s):

• On Wednesday, May 6th, Eric Allison sold 74,844 shares of Joby Aviation stock. The shares were sold at an average price of $10.00, for a total value of $748,440.00.
• On Monday, April 13th, Eric Allison sold 27,698 shares of Joby Aviation stock. The stock was sold at an average price of $8.20, for a total value of $227,123.60.
• On Wednesday, April 8th, Eric Allison sold 826 shares of Joby Aviation stock. The shares were sold at an average price of $8.87, for a total value of $7,326.62.

Joby Aviation Stock Up 5.2%

NYSE:JOBY traded up $0.45 during trading hours on Monday, hitting $8.94. 55,744,434 shares of the company's stock traded hands, compared to its average volume of 30,442,541. The firm has a market cap of $8.79 billion, a P/E ratio of -7.77 and a beta of 2.71. 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 quick ratio of 22.05 and a current ratio of 22.06. The stock's fifty day moving average price is $9.94 and its two-hundred day moving average price is $10.73.

Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping 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 firm had revenue of $24.25 million during the quarter, compared to analyst estimates of $20.17 million. During the same period last year, the company posted ($0.11) EPS. On average, research analysts expect that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Trending Headlines about 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.

Institutional Investors Weigh In On Joby Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in JOBY. Segall Bryant & Hamill LLC acquired a new stake in Joby Aviation in the first quarter worth about $131,000. J. Derek Lewis & Associates Inc. acquired a new stake in Joby Aviation in the first quarter worth $121,000. Western Wealth Management LLC bought a new position in Joby Aviation during the first quarter worth about $37,000. Edgestream Partners L.P. bought a new position in shares of Joby Aviation during the 1st quarter valued at about $1,189,000. Finally, Arkadios Wealth Advisors bought a new position in Joby Aviation in the first quarter valued at approximately $90,000. 52.85% of the stock is owned by institutional investors and hedge funds.

About Joby Aviation

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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