Joby Aviation (NYSE:JOBY) Stock Price Down 0.8% on Insider Selling

Joby Aviation, Inc. (NYSE:JOBY) shares dropped 0.8% on Wednesday after an insider sold shares in the company. The company traded as low as $5.18 and last traded at $5.22. Approximately 598,675 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 5,475,564 shares. The stock had previously closed at $5.26.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on JOBY shares. JPMorgan Chase & Co. upped their target price on shares of Joby Aviation from $5.00 to $6.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. HC Wainwright began coverage on shares of Joby Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $9.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a report on Monday, September 9th. Finally, Canaccord Genuity Group dropped their price objective on shares of Joby Aviation from $11.00 to $10.50 and set a “buy” rating for the company in a report on Thursday, August 8th.

Joby Aviation Price Performance

The company has a market cap of $3.74 billion, a PE ratio of -6.87 and a beta of 1.97. The company’s 50 day simple moving average is $5.53 and its two-hundred day simple moving average is $5.22.

Joby Aviation (NYSE:JOBY) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.18) EPS for the quarter, meeting the consensus estimate of ($0.18). The business had revenue of $0.28 million during the quarter, compared to analysts’ expectations of $0.28 million. During the same period in the previous year, the business posted ($0.17) EPS. Sell-side analysts expect that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Trading of Joby Aviation

Several hedge funds have recently added to or reduced their stakes in JOBY. Nisa Investment Advisors LLC raised its holdings in 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 acquiring an additional 5,840 shares in the last quarter. Integris Wealth Management LLC acquired a new stake in Joby Aviation in the second quarter valued at approximately $54,000. Dakota Wealth Management acquired a new stake in Joby Aviation in the second quarter valued at approximately $56,000. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Joby Aviation in the second quarter valued at approximately $57,000. Finally, Choreo LLC acquired a new stake in Joby Aviation in the second quarter valued at approximately $60,000. Institutional investors and hedge funds own 45.54% of the company’s stock.

Joby Aviation Company Profile

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.