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SANTA CRUZ, Calif.—Kate DeHoff, serving as General Counsel and Corporate Secretary at Joby Aviation Inc. (NYSE:JOBY), recently sold a portion of her holdings in the company. According to a regulatory filing, DeHoff sold 1,122 shares of common stock on April 8 at a price of $5.79 per share, totaling approximately $6,496. This transaction was conducted to cover taxes due upon the release and settlement of restricted stock units (RSUs). The stock, currently trading at $6.26, has shown significant volatility with a beta of 2.35, while analysts maintain a moderate buy consensus with price targets ranging from $4 to $11.50.
The filing also noted that DeHoff acquired 3,090 shares of common stock on April 7 through the vesting of RSUs. These RSUs are part of the company's 2024 Performance Award Program, which vests based on the achievement of specific goals. Following these transactions, DeHoff now directly owns 221,334 shares of Joby Aviation. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 20.14, though its overall financial health score indicates some challenges.
Joby Aviation, based in Santa Cruz, is a prominent player in the development of electric vertical takeoff and landing (eVTOL) aircraft. The company aims to revolutionize urban transportation with its innovative aircraft designs. With a market capitalization of $4.2 billion, Joby is currently considered overvalued according to InvestingPro's Fair Value analysis, which provides comprehensive insights through its Pro Research Reports covering 1,400+ US equities.
In other recent news, Joby Aviation reported a net loss of $246 million for Q4 2024, with earnings per share (EPS) of -0.34, falling short of the forecasted -0.19. Despite this miss, the company highlighted significant advancements in product development and strategic partnerships. Joby Aviation has successfully delivered its second aircraft to the Department of Defense's Edwards Air Force Base, expanding its fleet to five aircraft. The company plans to deliver an aircraft to Dubai by mid-2025 and aims to begin FAA TIA flight testing within the next 12 months. Cantor Fitzgerald maintained its Overweight rating on Joby Aviation, with a price target of $9.00, expressing a positive long-term outlook on the company's potential in the eVTOL industry. The analyst cited Joby Aviation's strategic partnerships with Delta Air Lines (NYSE:DAL), Toyota (NYSE:TM), and Uber (NYSE:UBER) as crucial to its commercialization efforts. Joby Aviation's cash and short-term investments totaled $933 million at the end of the year, supported by $350 million in net proceeds from equity offerings in October and December. The company is focused on expanding its manufacturing capabilities and exploring both direct operations and potential aircraft sales models.
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