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Bonny Simi, President of Operations at Joby Aviation , Inc. (NYSE:JOBY), reported a recent transaction involving the sale of company stock. According to a Form 4 filing with the Securities and Exchange Commission, Simi sold 1,407 shares of Joby Aviation common stock on January 15, 2025, at a price of $8.35 per share. The total value of the transaction amounted to $11,748. The transaction comes as the $6.2 billion market cap company has seen its stock decline by nearly 15% over the past week, according to InvestingPro data.
The filing also noted an acquisition of 3,450 shares of common stock on January 14, 2025, through the exercise of Restricted Stock Units (RSUs), which were awarded as part of the company's performance award program. These shares were acquired at no cost, as per the terms of the RSU award.
After these transactions, Simi holds 168,586 shares of Joby Aviation common stock. The sale of shares was conducted to cover taxes due upon the release and settlement of the RSUs.
In other recent news, Joby Aviation has been the focus of numerous analyst adjustments. Needham & Company raised its price target from $8.00 to $10.00, maintaining a Buy rating, while Canaccord Genuity increased its price target to $11.50 from $9.75, also recommending a Buy. These changes follow recent developments such as Joby's anticipated international launch in the United Arab Emirates and expected domestic regulatory approval by the Federal Aviation Administration (FAA).
Joby Aviation has also 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. However, the company's CFO, Matthew Field, has announced his resignation for personal reasons, with CEO JoeBen Bevirt and company controller Sergei Novikov stepping in as interim replacements.
The company has strengthened its financial position through recent equity raises and a $500 million equity capital commitment from its partner, Toyota (NYSE:TM). Analysts from both Needham & Company and Canaccord Genuity have expressed confidence in Joby Aviation's trajectory, with the latter labeling it as the 'best capitalized eVTOL manufacturer'. These are all recent developments in Joby Aviation's journey, showing progress towards launching its urban air mobility business.
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