Joby Aviation Stock Tumbles After CEO Offload in Shares

May 20 - Joby Aviation JOBY stock slid about 5% on Monday, closing at $7.03 after trading as low as $7.01, Trading volume totaled 3.8 million shares, down roughly 68% from the average session volume of 11.9 million.

The decline followed insider selling by CEO Joeben Bevirt, who offloaded 101,652 shares at an average price of $6.66, for proceeds of about $677,000. After the transaction, Bevirt holds 60,526,762 shares, valued at roughly $403 million, a 0.17% reduction in his position.

Analysts remain divided. Canaccord Genuity lifted its price target on JOBY to $12.00 and kept a buy rating. Morgan Stanley reiterated an equal weight rating with a $7.00 target, down from $10.00. HC Wainwright and Cantor Fitzgerald both maintained bullish calls, buy at $9.00 and overweight at $9.00, respectively, while Needham & Company retained its buy rating with a $10.00 objective.

Overall, one analyst rates the stock as a sell, one as a hold and four as buys. Market participants suggest the pullback may reflect profit-taking after recent gains.

Is JOBY Still a Buy?

Based on the one year price targets offered by 7 analysts, the average target price for Joby Aviation Inc is $8.14 with a high estimate of $12.00 and a low estimate of $4.00. The average target implies a upside of +15.83% from the current price of $7.03.