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

Joby Aviation, Inc. (NYSE:JOBY)’s stock 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 stock was sold at an average price of $8.08, for a total value of $62,603.84. Following the sale, the insider now directly owns 29,235 shares in the company, valued at $236,218.80. The trade was a 20.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Joby Aviation in a research report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Joby Aviation in a report on Wednesday, October 2nd. JPMorgan Chase & Co. reduced their target price on shares of Joby Aviation from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Tuesday, October 29th. Canaccord Genuity Group lowered their price target on shares of Joby Aviation from $10.50 to $9.75 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Finally, Needham & Company LLC began coverage on shares of Joby Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $8.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Joby Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.35.

Joby Aviation Stock Performance

The firm has a fifty day moving average price of $5.71 and a 200 day moving average price of $5.44. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -11.43 and a beta of 1.97.

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

Hedge Funds Weigh In On Joby Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC lifted its position in shares of Joby Aviation by 218.3% in the third quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock valued at $37,000 after buying an additional 5,000 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Joby Aviation by 216.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock valued at $44,000 after purchasing an additional 5,840 shares during the last quarter. Empowered Funds LLC bought a new position in Joby Aviation during the third quarter worth $51,000. Sound Income Strategies LLC increased its holdings in shares of Joby Aviation by 3,311.3% in the third quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock valued at $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC bought a new position in shares of Joby Aviation in the second quarter valued at about $54,000. 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.