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Bonny Simi, President of Operations at Joby Aviation , Inc. (NYSE:JOBY), reported a series of stock transactions, according to a recent SEC filing. On April 2, Simi sold 5,831 shares of the company’s common stock at a price of $6 per share, totaling approximately $34,986. The transaction comes as JOBY, currently valued at $4.76 billion, has seen its stock decline 25.71% year-to-date amid high market volatility. InvestingPro analysis suggests the stock is slightly overvalued at current levels.
In addition to the sale, Simi executed transactions involving restricted stock units (RSUs) on April 1. These involved the acquisition of 5,699 and 10,382 shares of common stock, respectively, at no cost. These RSU transactions are part of a vesting schedule that began on July 1, 2023, and January 1, 2024, as per the terms of the awards.
The stock sale was conducted to cover taxes due upon the release and settlement of the RSUs, as outlined in the filing. Following these transactions, Simi holds a total of 213,772 shares of Joby Aviation.
In other recent news, Joby Aviation reported a net loss of $246 million for the fourth quarter of 2024, with an earnings per share (EPS) of -0.34, missing the forecasted -0.19. Despite this, the company continues to highlight its progress in product development and strategic partnerships, including plans to begin FAA TIA flight testing within the next 12 months. Joby Aviation has also delivered its second aircraft to the Department of Defense’s Edwards Air Force Base, expanding its fleet to five aircraft. The company aims to deliver an aircraft to Dubai by mid-2025, aligning with its strategic partnerships with Delta Air Lines (NYSE:DAL), Toyota (NYSE:TM), and Uber (NYSE:UBER). Cantor Fitzgerald recently maintained an Overweight rating on Joby Aviation, with a $9.00 price target, emphasizing the company’s strong position in the eVTOL industry. Joby Aviation’s cash and short-term investments totaled $933 million at year-end, bolstered by net proceeds from equity offerings amounting to $350 million. The company expects to carry its first passengers in the second half of 2025 or the first half of 2026, marking a critical milestone in its commercialization efforts.
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