Joby Aviation (NYSE:JOBY) Trading Down 1.7% on Insider Selling

Key Points

• Joby Aviation's stock price declined by 1.7% after insiders, including Director Paul Cahill Sciarra, sold shares during the week, with Sciarra's sale alone valued at over $7 million.
• Equities analysts have issued mixed ratings on Joby Aviation, with recent downgrades leading to a current consensus rating of "Hold" and a target price of $10.50.
• The company reported a significant decline in revenue, posting just $0.02 million for the quarter, which was 94.6% lower year-over-year.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 1.7% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $13.53 and last traded at $14.15. Approximately 53,930,770 shares were traded during mid-day trading, an increase of 137% from the average daily volume of 22,758,291 shares. The stock had previously closed at $14.39.

Specifically, Director Paul Cahill Sciarra sold 500,001 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $14.30, for a total value of $7,150,014.30. Following the completion of the sale, the director owned 56,328,057 shares in the company, valued at $805,491,215.10. This represents a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Didier Papadopoulos sold 1,979 shares of the stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $14.22, for a total value of $28,141.38. Following the sale, the insider owned 88,628 shares of the company's stock, valued at approximately $1,260,290.16. This represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Joby Aviation news, insider Didier Papadopoulos sold 5,987 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $14.55, for a total value of $87,110.85. Following the transaction, the insider owned 90,607 shares in the company, valued at $1,318,331.85. The trade was a 6.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

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

Joby Aviation Stock Performance

The company has a market cap of $14.20 billion, a P/E ratio of -15.50 and a beta of 2.50. The stock has a 50-day simple moving average of $15.70 and a 200 day simple moving average of $10.28.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The firm had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.05 million. Joby Aviation had a negative net margin of 447,083.78% and a negative return on equity of 71.29%. The business's revenue for the quarter was down 94.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. Sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in Joby Aviation by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock valued at $27,000 after acquiring an additional 1,880 shares during the period. GPS Wealth Strategies Group LLC boosted its holdings in Joby Aviation by 32.0% during the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock valued at $33,000 after purchasing an additional 750 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Joby Aviation by 773.9% in the 1st 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 during the period. Strs Ohio acquired a new position in shares of Joby Aviation in the 1st quarter worth approximately $37,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of Joby Aviation during the 2nd quarter worth approximately $39,000. 52.85% of the stock is owned by institutional investors.

About Joby Aviation

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.