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

Shares of Joby Aviation, Inc. (NYSE:JOBY) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $5.32, but opened at $5.20. Joby Aviation shares last traded at $5.26, with a volume of 262,768 shares trading hands.

Specifically, insider Didier Papadopoulos sold 6,025 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $5.33, for a total transaction of $32,113.25. Following the transaction, the insider now owns 47,474 shares in the company, valued at $253,036.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

Several analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Canaccord Genuity Group decreased their price objective on Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Joby Aviation in a report on Monday, September 9th. Finally, HC Wainwright assumed coverage on shares of Joby Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $9.00 price target for the company.

Joby Aviation Price Performance

The stock has a 50 day simple moving average of $5.53 and a 200-day simple moving average of $5.22. The firm has a market cap of $3.78 billion, a PE ratio of -6.92 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). The firm had revenue of $0.28 million for the quarter, compared to analysts’ expectations of $0.28 million. During the same quarter in the previous year, the company earned ($0.17) EPS. As a group, equities analysts predict that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in shares of Joby Aviation by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,818,603 shares of the company’s stock valued at $25,394,000 after buying an additional 64,404 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Joby Aviation in the fourth quarter worth approximately $77,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Joby Aviation by 215.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 396,682 shares of the company’s stock valued at $1,965,000 after purchasing an additional 270,794 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Joby Aviation by 9.1% during the first quarter. Vanguard Group Inc. now owns 34,659,624 shares of the company’s stock valued at $185,776,000 after purchasing an additional 2,889,012 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in Joby Aviation by 84.3% in the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after purchasing an additional 92,508 shares during the last quarter. Institutional investors 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.