Joby Aviation (NYSE:JOBY) Insider Sells 7,832 Shares of Stock

Key Points

• Insider sale: Joby Aviation insider Bonny Simi sold 7,832 shares on July 2 at an average price of $8.92, totaling about $69,861. The filing said the sale was to cover tax withholding tied to vesting equity awards.
• Stock performance and valuation: JOBY traded around $8.94, near its 52-week low of $7.75 and well below its 52-week high of $20.95. The stock has a market cap of about $8.79 billion and remains volatile with a beta of 2.71.
• Business progress and analyst view: Joby beat quarterly EPS and revenue estimates in its latest report, and recent news highlights manufacturing expansion, aircraft additions, and Toyota support. Even so, analysts are mixed overall, with a consensus rating of Reduce and an average price target of $13.64.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) insider Bonny Simi sold 7,832 shares of Joby Aviation stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $8.92, for a total transaction of $69,861.44. Following the completion of the transaction, the insider owned 231,687 shares of the company's stock, valued at $2,066,648.04. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Joby Aviation Price Performance

NYSE JOBY traded up $0.45 during trading hours on Monday, reaching $8.94. 55,744,434 shares of the company's stock were exchanged, compared to its average volume of 30,442,541. The firm has a fifty day moving average of $9.94 and a 200-day moving average of $10.73. Joby Aviation, Inc. has a one year low of $7.75 and a one year high of $20.95. The stock has a market cap of $8.79 billion, a PE ratio of -7.77 and a beta of 2.71. The company has a current ratio of 22.06, a quick ratio of 22.05 and a debt-to-equity ratio of 0.36.

Joby Aviation (NYSE:JOBY - Get Free Report) last posted 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. The company had revenue of $24.25 million for the quarter, compared to analyst estimates of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same quarter in the previous year, the firm earned ($0.11) earnings per share. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on JOBY. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective on shares of Joby Aviation in a research report on Thursday, March 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Joby Aviation in a research note on Wednesday, May 6th. Morgan Stanley decreased their price target 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. Weiss Ratings lowered Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group dropped their price objective on Joby Aviation from $15.50 to $11.50 and set a "hold" rating for the company in a report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Joby Aviation has a consensus rating of "Reduce" and an average target price of $13.64.

Institutional Trading of Joby Aviation

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

Joby Aviation News Summary

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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.