Joby Aviation (NYSE:JOBY) Shares Down 7.3% After Insider Selling

Shares of Joby Aviation, Inc. (NYSE:JOBY) fell 7.3% on Thursday following insider selling activity. The company traded as low as $5.55 and last traded at $5.60. 5,387,822 shares were traded during trading, a decline of 50% from the average session volume of 10,873,831 shares. The stock had previously closed at $6.04.

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

Analyst Ratings Changes

JOBY has been the subject of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Joby Aviation in a report on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Joby Aviation in a research note on Thursday, February 27th. Canaccord Genuity Group boosted their target price on shares of Joby Aviation from $9.75 to $11.50 and gave the company a “buy” rating in a research note on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price target 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Joby Aviation in a research report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.90.

Joby Aviation Stock Performance

The firm has a market cap of $4.22 billion, a P/E ratio of -7.65 and a beta of 2.35. The company has a 50 day moving average of $6.96 and a 200 day moving average of $6.93.

Institutional Trading of Joby Aviation

Several large investors have recently added to or reduced their stakes in the business. Verition Fund Management LLC raised its holdings in shares of Joby Aviation by 118.9% during the 3rd quarter. Verition Fund Management LLC now owns 78,339 shares of the company’s stock valued at $394,000 after purchasing an additional 42,544 shares in the last quarter. Holocene Advisors LP increased its position in Joby Aviation by 91.7% during the third quarter. Holocene Advisors LP now owns 521,327 shares of the company’s stock worth $2,622,000 after buying an additional 249,375 shares during the last quarter. State Street Corp raised its holdings in Joby Aviation by 9.5% during the third quarter. State Street Corp now owns 9,372,636 shares of the company’s stock valued at $47,144,000 after buying an additional 812,248 shares in the last quarter. EP Wealth Advisors LLC lifted its position in shares of Joby Aviation by 15.4% in the third quarter. EP Wealth Advisors LLC now owns 37,369 shares of the company’s stock worth $188,000 after buying an additional 5,000 shares during the last quarter. Finally, Kensington Investment Counsel LLC boosted its stake in shares of Joby Aviation by 12.0% during the 3rd quarter. Kensington Investment Counsel LLC now owns 34,099 shares of the company’s stock worth $172,000 after acquiring an additional 3,653 shares in the last quarter. 52.85% of the stock is owned by 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.