Joby Aviation (NYSE:JOBY) Stock Price Down 3.7% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY - Get Free Report)'s stock price dropped 3.7% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $5.61 and last traded at $5.67. Approximately 2,167,389 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 12,677,471 shares. The stock had previously closed at $5.89.

Specifically, insider Bonny W. Simi sold 12,382 shares of the stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $5.81, for a total value of $71,939.42. Following the transaction, the insider now owns 203,588 shares of the company's stock, valued at $1,182,846.28. This represents a 5.73 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Allison sold 24,395 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $6.04, for a total value of $147,345.80. Following the completion of the sale, the insider now owns 627,726 shares of the company's stock, valued at $3,791,465.04. This represents a 3.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

JOBY has been the subject of several recent research reports. Morgan Stanley restated an "equal weight" rating and issued a $7.00 price objective (down from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Cantor Fitzgerald reiterated an "overweight" rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. HC Wainwright reissued a "buy" rating and issued a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $10.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.58.

Joby Aviation Price Performance

The company's fifty day simple moving average is $6.28 and its 200-day simple moving average is $6.99. The firm has a market capitalization of $5.12 billion, a PE ratio of -9.29 and a beta of 2.35.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Whittier Trust Co. acquired a new stake in Joby Aviation in the fourth quarter worth about $38,000. Allworth Financial LP raised its position in shares of Joby Aviation by 200.6% in the 4th quarter. Allworth Financial LP now owns 4,975 shares of the company's stock valued at $44,000 after purchasing an additional 3,320 shares during the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in Joby Aviation in the 4th quarter worth approximately $41,000. Toronto Dominion Bank purchased a new stake in Joby Aviation during the 4th quarter worth approximately $41,000. Finally, Carolinas Wealth Consulting LLC acquired a new position in Joby Aviation during the 4th quarter valued at approximately $41,000. 52.85% of the stock is currently owned by hedge funds and other 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.