Joby Aviation (NYSE:JOBY) Trading Down 2.7% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) dropped 2.7% on Tuesday after an insider sold shares in the company. The stock traded as low as $5.36 and last traded at $5.39. Approximately 2,054,137 shares changed hands during trading, a decline of 66% from the average daily volume of 6,058,575 shares. The stock had previously closed at $5.54.

Specifically, insider Eric Allison sold 27,817 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $5.56, for a total transaction of $154,662.52. Following the sale, the insider now directly owns 463,151 shares of the company’s stock, valued at $2,575,119.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

A number of brokerages have commented on JOBY. HC Wainwright reiterated a “buy” rating and issued a $9.00 price target on shares of Joby Aviation in a research note on Wednesday, October 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $10.50 price objective on shares of Joby Aviation in a research note on Friday, October 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. increased their price target on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th.

Joby Aviation Price Performance

The company has a market cap of $3.90 billion, a price-to-earnings ratio of -7.14 and a beta of 1.97. The firm has a 50-day moving average price of $5.23 and a 200 day moving average price of $5.24.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) earnings per share for the quarter, hitting the consensus estimate of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to the consensus estimate of $0.28 million. During the same quarter in the previous year, the business earned ($0.17) EPS. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after buying an additional 2,889,012 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Joby Aviation in the first quarter worth $15,357,000. Ieq Capital LLC raised its stake in Joby Aviation by 68.6% in the second quarter. Ieq Capital LLC now owns 4,441,574 shares of the company’s stock valued at $22,652,000 after purchasing an additional 1,807,054 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its position in Joby Aviation by 1,018.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock worth $3,453,000 after purchasing an additional 616,579 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Joby Aviation by 41.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,474,677 shares of the company’s stock valued at $7,521,000 after buying an additional 435,069 shares during the period. Institutional investors and hedge funds own 45.54% of the company’s stock.

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.