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JoeBen Bevirt, CEO and Chief Architect of Joby Aviation Inc. (NYSE:JOBY), recently disclosed a sale of company shares. According to a Form 4 filing with the Securities and Exchange Commission, Bevirt sold 1,655 shares of common stock on January 15 at a price of $8.35 per share, totaling $13,819. This transaction was executed to cover taxes due upon the release and settlement of restricted stock units (RSUs), as stipulated by the terms of the RSU award. The sale comes amid heightened stock volatility, with InvestingPro data showing a 14.65% decline in share price over the past week.
Following the transaction, Bevirt holds 771,202 shares directly. Additionally, he maintains indirect ownership in various trusts, including the Jennifer Barchas Trust, Joby Trust, JoeBen Bevirt 2020 Descendants Trust, and JoeBen Bevirt 2022 GRAT Trust, as well as shares held by his spouse. These holdings collectively amount to several million shares, underscoring Bevirt's significant investment in Joby Aviation, which currently maintains a market capitalization of $6.2 billion. InvestingPro analysis indicates strong gross profit margins of 78%, though the company's overall financial health score suggests room for improvement. For deeper insights into JOBY's valuation and 13 additional ProTips, subscribers can access the comprehensive Pro Research Report.
In other recent news, Joby Aviation has experienced a series of significant developments. Financially, the company has strengthened its position, securing an additional $232 million from a recent equity raise and a $500 million equity capital commitment from partner Toyota (NYSE:TM). This has led Canaccord Genuity analysts to label Joby Aviation as the 'best capitalized eVTOL manufacturer.'
Needham & Company has also raised its price target for Joby Aviation from $8.00 to $10.00, maintaining a Buy rating. This revision follows discussions with Joby's Chief Product Officer, Eric Allison, and anticipates the company's international launch in the United Arab Emirates later this year, along with expected domestic regulatory approval by the Federal Aviation Administration.
Despite the resignation of CFO Matthew Field, Canaccord Genuity and H.C. Wainwright have reiterated their Buy ratings, expressing confidence in Joby Aviation's trajectory. As interim replacements for Field, CEO JoeBen Bevirt and company controller Sergei Novikov will take over.
In terms of operational progress, Joby Aviation has completed a maintenance training program with the U.S. Air Force and achieved significant regulatory progress with the FAA issuing a Part 141 Certification for its pilot training academy. These developments are important as the company moves towards commercializing its electric vertical take-off and landing air transit networks.
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