Joby Aviation (NYSE:JOBY) Shares Down 3.8% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares fell 3.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $7.67 and last traded at $7.89. 9,985,820 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 7,878,116 shares. The stock had previously closed at $8.20.

Specifically, insider Gregory Bowles sold 7,748 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the transaction, the insider now owns 29,235 shares of the company’s stock, valued at $236,218.80. This represents a 20.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on JOBY shares. JPMorgan Chase & Co. dropped their price objective on Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Monday, September 30th. Needham & Company LLC initiated coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective on the stock. Canaccord Genuity Group decreased their price objective on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.35.

Joby Aviation Price Performance

The stock has a 50-day moving average price of $5.71 and a 200 day moving average price of $5.44. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -11.43 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last announced its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $0.28 million for the quarter, compared to analyst estimates of $0.06 million. Joby Aviation had a negative return on equity of 51.76% and a negative net margin of 42,844.57%. During the same quarter last year, the business posted ($0.13) earnings per share. Sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Joby Aviation

Several institutional investors have recently added to or reduced their stakes in JOBY. Larson Financial Group LLC increased its holdings in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after purchasing an additional 5,000 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after purchasing an additional 5,840 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Joby Aviation during the third quarter worth about $51,000. Sound Income Strategies LLC grew its holdings in shares of Joby Aviation by 3,311.3% during the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after buying an additional 10,000 shares in the last quarter. Finally, Integris Wealth Management LLC bought a new stake in Joby Aviation in the 2nd quarter valued at approximately $54,000. 45.54% of the stock is owned by 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.