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

Joby Aviation, Inc. (NYSE:JOBY)’s stock price gapped down before the market opened on Tuesday after an insider sold shares in the company. 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.

Specifically, insider Gregory Bowles sold 7,748 shares of Joby Aviation stock in a transaction dated Monday, November 25th. The shares were 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. This trade represents a 20.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

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

Joby Aviation Stock Performance

The stock’s fifty day simple moving average is $5.71 and its two-hundred day simple moving average is $5.44. The company has a market capitalization of $6.12 billion, a price-to-earnings ratio of -11.43 and a beta of 1.97.

Joby Aviation (NYSE:JOBY) last released its earnings results on Wednesday, November 6th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $0.28 million for 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 period in the prior year, the company earned ($0.13) earnings per share. On average, equities analysts anticipate that Joby Aviation, Inc. will post -0.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Joby Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its position in Joby Aviation by 218.3% during the 3rd quarter. Larson Financial Group LLC now owns 7,290 shares of the company’s stock worth $37,000 after acquiring an additional 5,000 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Joby Aviation by 216.3% in the second quarter. Nisa Investment Advisors LLC now owns 8,540 shares of the company’s stock worth $44,000 after buying an additional 5,840 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Joby Aviation during the 3rd quarter worth about $51,000. Sound Income Strategies LLC lifted its holdings in Joby Aviation by 3,311.3% in the 3rd quarter. Sound Income Strategies LLC now owns 10,302 shares of the company’s stock worth $52,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Integris Wealth Management LLC acquired a new stake in shares of Joby Aviation in the second quarter worth $54,000. 45.54% of the stock is currently owned by hedge funds and other institutional investors.

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.