Shares of Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) dropped 4.9% during trading on Monday after an insider sold shares in the company. The company traded as low as $7.01 and last traded at $7.03. Approximately 3,784,485 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 11,942,200 shares. The stock had previously closed at $7.39.
Specifically, CEO Joeben Bevirt sold 101,652 shares of Joby Aviation stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $6.66, for a total value of $677,002.32. Following the transaction, the chief executive officer now owns 60,526,762 shares in the company, valued at approximately $403,108,234.92. The trade was a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on JOBY shares. Morgan Stanley reiterated an "equal weight" rating and issued a $7.00 price objective (down previously from $10.00) on shares of Joby Aviation in a report on Friday, April 11th. Cantor Fitzgerald restated an "overweight" rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Monday, May 5th. JPMorgan Chase & Co. dropped their price target on shares of Joby Aviation from $6.00 to $5.00 and set an "underweight" rating on the stock in a research note on Thursday, February 27th. Canaccord Genuity Group boosted 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. Finally, HC Wainwright restated a "buy" rating and set a $9.00 target price on shares of Joby Aviation in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.
Check Out Our Latest Stock Report on JOBY
Joby Aviation Trading Down 4.8%
The stock has a market cap of $5.54 billion, a P/E ratio of -10.05 and a beta of 2.34. The company's 50 day moving average price is $6.28 and its two-hundred day moving average price is $7.14.
Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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) earnings per share. On average, sell-side analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.
Hedge Funds Weigh In On Joby Aviation
A number of hedge funds have recently made changes to their positions in JOBY. Toyota Motor Corp purchased a new position in Joby Aviation in the 4th quarter worth approximately $640,259,000. Baillie Gifford & Co. raised its position in shares of Joby Aviation by 4.3% during the fourth quarter. Baillie Gifford & Co. now owns 55,032,165 shares of the company's stock valued at $447,412,000 after buying an additional 2,281,161 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Joby Aviation by 15.8% in the fourth quarter. Vanguard Group Inc. now owns 46,760,562 shares of the company's stock worth $380,163,000 after buying an additional 6,388,232 shares in the last quarter. Uber Technologies Inc bought a new position in shares of Joby Aviation during the fourth quarter worth $207,842,000. Finally, Geode Capital Management LLC grew its stake in Joby Aviation by 8.7% during the fourth quarter. Geode Capital Management LLC now owns 10,208,358 shares of the company's stock valued at $83,015,000 after acquiring an additional 817,638 shares in the last quarter. Institutional investors own 52.85% of the company's stock.
Joby Aviation Company Profile
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Get Free Report)
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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