Joby Aviation (NYSE:JOBY) Stock Price Down 2.9% After Insider Selling

Key Points

• Joby Aviation's stock price fell by 2.9% to $17.59 after insider sales, indicating investor concern over insider transactions.
• Insider Eric Allison sold 27,537 shares at an average price of $16.84, and Kate Dehoff sold shares at an average price of $17.48, resulting in significant decreases in their ownership percentages.
• Analyst ratings for Joby Aviation have varied, with reports from multiple firms resulting in downgrades and changes to target prices, reflecting mixed market sentiment.

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) was down 2.9% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $17.44 and last traded at $17.59. Approximately 49,498,169 shares changed hands during mid-day trading, an increase of 94% from the average daily volume of 25,553,242 shares. The stock had previously closed at $18.11.

Specifically, insider Eric Allison sold 27,537 shares of the stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $16.84, for a total value of $463,723.08. Following the completion of the sale, the insider owned 692,428 shares in the company, valued at $11,660,487.52. This represents a 3.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kate Dehoff sold 20,824 shares of the firm's stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $17.48, for a total transaction of $364,003.52. Following the transaction, the insider owned 149,369 shares in the company, valued at $2,610,970.12. This represents a 12.24% decrease in their position. The disclosure for this sale can be found here. In other news, insider Kate Dehoff sold 8,262 shares of the firm's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $16.84, for a total transaction of $139,132.08. Following the transaction, the insider owned 170,193 shares in the company, valued at approximately $2,866,050.12. This trade represents a 4.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

JOBY has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Joby Aviation from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $9.00 target price on shares of Joby Aviation in a report on Monday, June 23rd. HC Wainwright downgraded shares of Joby Aviation from a "buy" rating to a "neutral" rating in a report on Thursday, August 7th. Morgan Stanley lifted their target price on shares of Joby Aviation from $7.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, October 9th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Joby Aviation in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Joby Aviation currently has a consensus rating of "Reduce" and an average target price of $11.83.

Joby Aviation Stock Performance

The firm has a market capitalization of $15.05 billion, a price-to-earnings ratio of -16.44 and a beta of 2.52. The firm's 50-day moving average price is $15.69 and its two-hundred day moving average price is $11.53.

Joby Aviation (NYSE:JOBY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.24) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.06). The business had revenue of $0.02 million for the quarter, compared to analysts' expectations of $0.05 million. During the same quarter in the previous year, the business posted ($0.18) EPS. The firm's quarterly revenue was down 94.6% on a year-over-year basis. As a group, equities research analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Hedge Funds Weigh In On Joby Aviation

A number of large investors have recently modified their holdings of the stock. CWM LLC increased its stake in Joby Aviation by 8.1% in the second quarter. CWM LLC now owns 9,156 shares of the company's stock valued at $97,000 after purchasing an additional 689 shares in the last quarter. GPS Wealth Strategies Group LLC raised its holdings in Joby Aviation by 32.0% in the second quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after purchasing an additional 750 shares during the period. Allworth Financial LP raised its holdings in Joby Aviation by 11.9% in the second quarter. Allworth Financial LP now owns 7,197 shares of the company's stock worth $76,000 after purchasing an additional 763 shares during the period. Flagship Harbor Advisors LLC raised its holdings in Joby Aviation by 2.6% in the second quarter. Flagship Harbor Advisors LLC now owns 31,726 shares of the company's stock worth $335,000 after purchasing an additional 800 shares during the period. Finally, EP Wealth Advisors LLC raised its holdings in Joby Aviation by 2.2% in the second quarter. EP Wealth Advisors LLC now owns 38,228 shares of the company's stock worth $403,000 after purchasing an additional 821 shares during the period. 52.85% of the stock is currently owned by institutional investors and hedge funds.

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.

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