Joby Aviation (NYSE:JOBY) Stock Price Down 1.1% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.1% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $5.92 and last traded at $5.96. Approximately 3,848,047 shares traded hands during trading, a decline of 66% from the average daily volume of 11,234,801 shares. The stock had previously closed at $6.02.

Specifically, insider Eric Allison sold 24,395 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $6.04, for a total value of $147,345.80. Following the sale, the insider now directly owns 627,726 shares in the company, valued at approximately $3,791,465.04. This trade represents a 3.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Several analysts have commented on the stock. Needham & Company LLC restated a "buy" rating and set a $10.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. Morgan Stanley reaffirmed an "equal weight" rating and set a $7.00 price target (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. JPMorgan Chase & Co. reduced their price objective on Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a report on Thursday, February 27th. Finally, HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $8.58.

Joby Aviation Stock Performance

The company has a 50 day moving average price of $6.43 and a 200 day moving average price of $6.98. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of -8.38 and a beta of 2.35.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in JOBY. GAMMA Investing LLC lifted its holdings in shares of Joby Aviation by 773.9% in the first quarter. GAMMA Investing LLC now owns 5,663 shares of the company's stock valued at $34,000 after purchasing an additional 5,015 shares in the last quarter. Whittier Trust Co. bought a new stake in Joby Aviation in the 4th quarter worth about $38,000. Salem Investment Counselors Inc. lifted its position in shares of Joby Aviation by 5,000.0% during the 4th quarter. Salem Investment Counselors Inc. now owns 5,100 shares of the company's stock worth $41,000 after buying an additional 5,000 shares in the last quarter. Compagnie Lombard Odier SCmA bought a new position in shares of Joby Aviation in the fourth quarter valued at approximately $41,000. Finally, Toronto Dominion Bank bought a new stake in Joby Aviation during the fourth quarter worth $41,000. 52.85% of the stock is owned by institutional investors.

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.