Joby Aviation (NYSE:JOBY) Shares Gap Down Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s share price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $8.20, but opened at $7.81. Joby Aviation shares last traded at $7.98, with a volume of 3,993,044 shares traded.

Specifically, insider Gregory Bowles sold 7,748 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.08, for a total value of $62,603.84. Following the completion of the transaction, the insider now directly owns 29,235 shares of the company’s stock, valued at approximately $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

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

Joby Aviation Price Performance

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

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

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently made changes to their positions in JOBY. Caprock Group LLC raised its stake in Joby Aviation by 179.5% during the 3rd quarter. Caprock Group LLC now owns 124,404 shares of the company’s stock worth $626,000 after buying an additional 79,896 shares during the period. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Joby Aviation by 1,018.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 677,116 shares of the company’s stock valued at $3,453,000 after purchasing an additional 616,579 shares in the last quarter. Rhumbline Advisers grew its position in shares of Joby Aviation by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 548,724 shares of the company’s stock valued at $2,798,000 after purchasing an additional 115,483 shares during the period. Vanguard Group Inc. increased its stake in Joby Aviation by 9.1% during the 1st quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock worth $185,776,000 after purchasing an additional 2,889,012 shares in the last quarter. Finally, Cetera Advisors LLC lifted its stake in Joby Aviation by 32.9% in the first quarter. Cetera Advisors LLC now owns 20,276 shares of the company’s stock valued at $109,000 after buying an additional 5,025 shares in the last quarter. 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.