Key Points
- Joby Aviation director Paul Cahill Sciarra sold 416,666 shares on May 28 at an average price of $12.02, totaling about $5.0 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Sciarra still owned 55.9 million shares valued at roughly $672.1 million, and his stake decreased by only 0.74%.
- Joby reported a smaller-than-expected quarterly loss and better-than-expected revenue, while analysts remain mixed on the stock with a consensus rating of “Reduce” and a target price of $13.06.
Joby Aviation, Inc. (NYSE:JOBY - Get Free Report) Director Paul Cahill Sciarra sold 416,666 shares of Joby Aviation stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $12.02, for a total value of $5,008,325.32. Following the completion of the transaction, the director directly owned 55,911,391 shares in the company, valued at $672,054,919.82. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Joby Aviation Price Performance
Shares of Joby Aviation stock opened at $11.99 on Tuesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 22.06 and a quick ratio of 22.05. The business's 50 day simple moving average is $9.54 and its two-hundred day simple moving average is $11.60. The stock has a market capitalization of $11.80 billion, a P/E ratio of -10.43 and a beta of 2.66. Joby Aviation, Inc. has a one year low of $7.34 and a one year high of $20.95.
Joby Aviation (NYSE:JOBY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.12) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.09. The business had revenue of $24.25 million for the quarter, compared to analysts' expectations of $20.17 million. Joby Aviation had a negative return on equity of 60.54% and a negative net margin of 1,232.62%.During the same period in the previous year, the firm earned ($0.11) EPS. Analysts forecast that Joby Aviation, Inc. will post -0.83 EPS for the current year.
Institutional Investors Weigh In On Joby Aviation
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in Joby Aviation by 110.5% in the first quarter. Royal Bank of Canada now owns 85,070 shares of the company's stock worth $512,000 after acquiring an additional 44,659 shares in the last quarter. AQR Capital Management LLC bought a new stake in Joby Aviation in the first quarter worth $273,000. Strs Ohio bought a new stake in Joby Aviation in the first quarter worth $37,000. Cetera Investment Advisers boosted its holdings in Joby Aviation by 16.0% in the second quarter. Cetera Investment Advisers now owns 64,069 shares of the company's stock worth $676,000 after acquiring an additional 8,840 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Joby Aviation by 80.1% in the second quarter. JPMorgan Chase & Co. now owns 750,733 shares of the company's stock worth $7,920,000 after acquiring an additional 333,995 shares in the last quarter. 52.85% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Joby Aviation from $8.00 to $7.00 and set an "underweight" rating on the stock in a research note on Thursday, February 26th. Weiss Ratings cut Joby Aviation from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Monday, May 4th. Needham & Company LLC reissued a "buy" rating and set a $18.00 target price on shares of Joby Aviation in a research note on Wednesday, May 6th. Oppenheimer set a $18.00 target price on Joby Aviation in a research note on Thursday, February 26th. Finally, Wall Street Zen raised Joby Aviation from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Joby Aviation has a consensus rating of "Reduce" and a consensus target price of $13.06.
View Our Latest Research Report on Joby Aviation
About Joby Aviation
(
Get Free Report)
Joby Aviation Inc is an aerospace company focused on developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. The company's core mission is to provide zero-emission aerial ridesharing services, combining the speed of helicopters with the cost efficiency and environmental benefits of electric propulsion. Joby's eVTOL design emphasizes low noise profiles and high reliability, positioning the company to address congestion challenges in major metropolitan areas.
The company's flagship aircraft is designed to carry a pilot and up to four passengers, offering point-to-point travel at speeds competitive with ground transportation.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
