Joby Aviation (NYSE:JOBY) Trading Down 6.6% on Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) dropped 6.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $5.02 and last traded at $5.29. Approximately 6,163,285 shares traded hands during trading, a decline of 44% from the average daily volume of 10,917,517 shares. The stock had previously closed at $5.66.

Specifically, CEO Joeben Bevirt sold 250,000 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $5.89, for a total value of $1,472,500.00. Following the completion of the transaction, the chief executive officer now owns 32,275,793 shares in the company, valued at approximately $190,104,420.77. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kate Dehoff sold 9,720 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $6.00, for a total transaction of $58,320.00. Following the completion of the sale, the insider now directly owns 219,366 shares in the company, valued at $1,316,196. This represents a 4.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on JOBY. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Joby Aviation in a research report on Thursday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of Joby Aviation from $6.00 to $5.00 and set an “underweight” rating for the company in a report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $10.00 price target on shares of Joby Aviation in a research note on Thursday, February 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group increased their target price on Joby Aviation from $9.75 to $11.50 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.90.

Joby Aviation Stock Down 6.0 %

The stock has a market cap of $4.19 billion, a PE ratio of -7.60 and a beta of 2.35. The stock’s fifty day moving average price is $7.03 and its 200 day moving average price is $6.93.

Institutional Trading of Joby Aviation

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in Joby Aviation by 1.1% during the 4th quarter. California State Teachers Retirement System now owns 186,003 shares of the company’s stock valued at $1,512,000 after acquiring an additional 2,065 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Joby Aviation in the fourth quarter worth $121,000. Total Wealth Planning & Management Inc. bought a new position in Joby Aviation in the fourth quarter valued at about $285,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Joby Aviation in the fourth quarter worth about $2,492,000. Finally, Carolinas Wealth Consulting LLC purchased a new stake in shares of Joby Aviation during the 4th quarter valued at about $41,000. 52.85% of the stock is currently 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.