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Didier Papadopoulos, President of Aircraft OEM at Joby Aviation Inc. (NYSE:JOBY), recently sold a significant portion of his holdings in the company, according to a filing with the Securities and Exchange Commission. The electric aircraft manufacturer, currently valued at $4.2 billion, is trading above InvestingPro's Fair Value estimate. On April 8, Papadopoulos sold 1,388 shares at $5.79 each, totaling $8,036. This sale was made to cover taxes due upon the release and settlement of restricted stock units (RSUs), as per the terms of the RSU award.
On April 9, he further sold 3,132 shares at an average price of $5.80, amounting to $18,165. This transaction was part of an approved 10b5-1 trading plan adopted on March 15, 2024. The shares were sold in multiple trades at prices ranging from $5.37 to $6.00. Analysts maintain a moderate buy consensus with price targets ranging from $4.00 to $11.50, according to InvestingPro data.
Prior to these sales, Papadopoulos acquired 3,826 shares of common stock on April 7 through the conversion of RSUs at no cost. Following these transactions, Papadopoulos directly owns 75,594 shares of Joby Aviation. The company currently shows a weak financial health score, with particularly challenging metrics in profitability, though maintaining strong liquidity with a current ratio of 20.14.
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 analyst expectations of -0.19. Despite this earnings miss, the company emphasized its ongoing strategic developments and future growth prospects, which seem to have positively influenced market sentiment. Additionally, Joby Aviation has expanded its fleet by delivering a second aircraft to the Department of Defense's Edwards Air Force Base, marking a total of five aircraft in operation. The company plans to deliver another aircraft to Dubai by mid-2025, aiming to begin passenger operations either late this year or early next year.
Joby Aviation's strategic partnerships with companies like Delta Air Lines (NYSE:DAL), Toyota (NYSE:TM), and Uber (NYSE:UBER) were highlighted as key components in its path toward commercialization. Notably, Cantor Fitzgerald maintained its Overweight rating on Joby Aviation, with a price target of $9, reflecting a positive long-term outlook for the company. The analyst firm cited Joby Aviation's strong positioning within the electric vertical takeoff and landing (eVTOL) industry as a factor in its confidence. Moreover, Joby Aviation is preparing to begin FAA TIA flight testing within the next 12 months, a crucial step toward obtaining Federal Aviation Administration Type Certification. These developments underscore Joby's commitment to advancing its manufacturing capabilities and expanding its market presence.
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