Joby Aviation (NYSE:JOBY) Shares Gap Down After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) shares gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $7.39, but opened at $7.05. Joby Aviation shares last traded at $7.07, with a volume of 2,365,749 shares trading hands.

Specifically, CEO Joeben Bevirt sold 101,652 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $6.66, for a total transaction of $677,002.32. Following the transaction, the chief executive officer now owns 60,526,762 shares of the company's stock, valued at $403,108,234.92. This trade represents a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

JOBY has been the topic of a number of analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $10.00 price objective 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 objective (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. JPMorgan Chase & Co. dropped their price target on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, February 27th. Cantor Fitzgerald reissued an "overweight" rating and issued a $9.00 target price on shares of Joby Aviation in a research note on Monday, May 5th. Finally, Canaccord Genuity Group lifted their price objective on shares of Joby Aviation from $11.50 to $12.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Joby Aviation presently has a consensus rating of "Moderate Buy" and an average price target of $8.67.

Joby Aviation Stock Performance

The stock has a market cap of $5.57 billion, a price-to-earnings ratio of -10.05 and a beta of 2.34. The firm's 50-day simple moving average is $6.28 and its two-hundred day simple moving average is $7.14.

Joby Aviation (NYSE:JOBY - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.07. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter in the prior year, the firm posted ($0.14) EPS. Equities research analysts expect that Joby Aviation, Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rheos Capital Works Inc. increased its holdings in shares of Joby Aviation by 17.0% in the fourth quarter. Rheos Capital Works Inc. now owns 2,405,000 shares of the company's stock valued at $19,553,000 after purchasing an additional 350,000 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Joby Aviation in the fourth quarter valued at approximately $300,000. Raymond James Financial Inc. bought a new position in shares of Joby Aviation during the fourth quarter worth approximately $2,168,000. Charles Schwab Investment Management Inc. increased its stake in shares of Joby Aviation by 10.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,894,326 shares of the company's stock worth $31,661,000 after purchasing an additional 361,520 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in Joby Aviation during the 4th quarter worth approximately $311,000. Institutional investors own 52.85% of the company's stock.

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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