Joby Aviation (NYSE:JOBY) Stock Price Down 2.7% After Insider Selling

Joby Aviation, Inc. (NYSE:JOBY)’s stock price dropped 2.7% on Tuesday following insider selling activity. The stock traded as low as $5.36 and last traded at $5.39. Approximately 2,054,137 shares changed hands during mid-day 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 company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $5.56, for a total value of $154,662.52. Following the completion of the transaction, the insider now owns 463,151 shares in the company, valued at $2,575,119.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

JOBY has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Monday, September 30th. JPMorgan Chase & Co. upped their price objective on shares of Joby Aviation from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Wednesday, October 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $10.50 target price on shares of Joby Aviation in a report on Friday, October 4th.

Joby Aviation Stock Down 0.7 %

The business’s fifty day moving average price is $5.23 and its 200 day moving average price is $5.24. The firm has a market capitalization of $3.90 billion, a PE ratio of -7.14 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) earnings per share (EPS) for the quarter, hitting the consensus estimate 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 period in the prior year, the company earned ($0.17) earnings per share. On average, analysts anticipate that Joby Aviation, Inc. will post -0.69 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in JOBY. Caprock Group LLC purchased a new position in Joby Aviation during the first quarter worth about $239,000. Mirae Asset Global Investments Co. Ltd. grew its position in 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 worth $1,965,000 after buying an additional 270,794 shares during the period. Janney Montgomery Scott LLC grew its position in Joby Aviation by 84.3% during the first quarter. Janney Montgomery Scott LLC now owns 202,223 shares of the company’s stock worth $1,084,000 after buying an additional 92,508 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Joby Aviation during the first quarter worth about $324,000. Finally, ProShare Advisors LLC grew its position in Joby Aviation by 8.5% during the first quarter. ProShare Advisors LLC now owns 50,103 shares of the company’s stock worth $269,000 after buying an additional 3,942 shares during the period. 45.54% of the stock is owned by hedge funds and other 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.