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

Key Points

• Joby Aviation's stock price declined 4.6% after insider selling activity, with shares trading as low as $13.70.
• Insider Paul Cahill Sciarra sold over 500,000 shares of Joby Aviation at an average price of $14.30, reducing their ownership by 0.88%.
• Wall Street analysts have shown mixed sentiment, with one upgrade to "hold" but several firms issuing lower price targets and ratings for JOBY.

Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) fell 1.7% during trading on Wednesday following insider selling activity. The company traded as low as $13.53 and last traded at $14.15. 53,930,770 shares changed hands during mid-day trading, an increase of 137% from the average session 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 business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $14.30, for a total value of $7,150,014.30. Following the sale, the director owned 56,328,057 shares in the company, valued at approximately $805,491,215.10. The trade was a 0.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Didier Papadopoulos sold 1,979 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $14.22, for a total transaction of $28,141.38. Following the completion of the transaction, the insider directly owned 88,628 shares of the company's stock, valued at approximately $1,260,290.16. The trade was a 2.18% decrease in their position. The disclosure for this sale can be found here. In other Joby Aviation news, insider Didier Papadopoulos sold 5,987 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $14.55, for a total transaction of $87,110.85. Following the sale, the insider directly owned 90,607 shares in the company, valued at $1,318,331.85. This represents a 6.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

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

Joby Aviation Trading Up 13.4%

The firm has a fifty day simple moving average of $15.70 and a 200-day simple moving average of $10.25.

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

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in shares of Joby Aviation by 284.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,540 shares of the company's stock worth $27,000 after purchasing an additional 1,880 shares during the last quarter. GPS Wealth Strategies Group LLC raised its position in Joby Aviation by 32.0% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 3,097 shares of the company's stock worth $33,000 after buying an additional 750 shares during the last quarter. GAMMA Investing LLC lifted 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 worth $34,000 after acquiring an additional 5,015 shares during the period. Strs Ohio acquired a new position in shares of Joby Aviation during the first quarter worth about $37,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Joby Aviation during the second quarter worth about $39,000. 52.85% of the stock is owned by hedge funds and other 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.