Joby Aviation (NYSE:JOBY) Stock Price Down 7.3% Following Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 7.3% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $5.52 and last traded at $5.69. Approximately 10,109,784 shares changed hands during mid-day trading, an increase of 72% from the average daily volume of 5,890,566 shares. The stock had previously closed at $6.14.

Specifically, Director Paul Cahill Sciarra sold 166,666 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $5.15, for a total transaction of $858,329.90. Following the completion of the transaction, the director now owns 59,828,059 shares in the company, valued at approximately $308,114,503.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $4.85, for a total transaction of $1,212,500.00. Following the completion of the sale, the chief executive officer now owns 32,674,274 shares in the company, valued at approximately $158,470,228.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

JOBY has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.50 price objective on shares of Joby Aviation in a research report on Friday. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Joby Aviation in a report on Wednesday. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Joby Aviation in a report on Monday, September 30th.

Joby Aviation Trading Up 5.9 %

The stock’s 50 day moving average is $5.21 and its 200 day moving average is $5.22. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of -7.82 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last issued its earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The firm had revenue of $0.28 million during the quarter, compared to analyst estimates of $0.28 million. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. On average, equities research analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of JOBY. Nisa Investment Advisors LLC increased its position in Joby Aviation by 216.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after acquiring an additional 5,840 shares during the period. Integris Wealth Management LLC bought a new stake in shares of Joby Aviation in the 2nd quarter valued at $54,000. Dakota Wealth Management acquired a new stake in shares of Joby Aviation during the second quarter worth $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Joby Aviation during the second quarter worth $57,000. Finally, Choreo LLC acquired a new stake in Joby Aviation during the 2nd quarter worth about $60,000. 45.54% of the stock is currently 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.