Joby Aviation, Inc. (NYSE:JOBY) experienced an insider transaction when Didier Papadopoulos sold 1,979 shares of the company’s stock on December 16, 2023. The shares were sold at an average price of $14.08, resulting in a total transaction value of $27,864.32. Following this sale, Papadopoulos holds 101,779 shares, with a total value of approximately $1,433,048.32. This sale represents a 1.91% reduction in his stake in the company.
The transaction was officially reported in a filing with the U.S. Securities and Exchange Commission (SEC), which can be accessed for further details.
Stock Performance and Analysts’ Insights
On Friday, shares of Joby Aviation opened at $13.87. The company’s stock has seen fluctuations, with a fifty-day moving average of $15.20 and a two-hundred-day moving average of $14.35. Over the past year, Joby Aviation’s stock reached a low of $4.96 and a high of $20.95. The company currently holds a market capitalization of $12.65 billion and a price-to-earnings ratio of -10.35, with a beta of 2.53, indicating higher volatility compared to the market.
Recent analysis from various financial institutions has yielded mixed opinions on Joby Aviation’s stock. Needham & Company LLC reaffirmed a “buy” rating and set a price target of $22.00 in a report issued on November 6, 2023. Conversely, Morgan Stanley increased their price target from $7.00 to $15.00 while maintaining an “equal weight” rating on October 9, 2023. The Goldman Sachs Group initiated coverage with a “sell” rating and a price target of $10.00 on December 1, 2023. HC Wainwright reiterated a “neutral” rating on November 24, 2023, while Weiss Ratings maintained a “sell (d-)” rating on October 8, 2023. Currently, one analyst rates the stock as a buy, five as a hold, and three as a sell, culminating in an average rating of “Reduce” with a target price of $13.43, according to MarketBeat.
Institutional Trading Activity
Institutional investors have shown varying levels of interest in Joby Aviation recently. Allworth Financial LP significantly increased its stake by 311.9% during the third quarter, now holding 29,642 shares valued at $478,000 after acquiring an additional 22,445 shares. Similarly, IFP Advisors Inc. expanded its stake by 158.1%, owning 23,309 shares worth $376,000 after purchasing 14,279 shares. Other notable investments include Strategic Advocates LLC, which acquired a new position valued at $29,000, and Centaurus Financial Inc., which raised its stake by 69.2%, now holding 21,709 shares worth $350,000.
Currently, institutional investors and hedge funds own approximately 52.85% of Joby Aviation’s stock, reflecting a trend of increasing institutional interest.
Joby Aviation is a vertically integrated air mobility company focused on developing electric vertical takeoff and landing aircraft aimed at providing air transportation services. The company plans to establish an aerial ridesharing service and develop an application-based platform for consumers to book rides.
