Kate DeHoff, General Counsel and Corporate Secretary at Joby Aviation Inc. (NYSE:JOBY), recently sold shares of the company, according to a Form 4 filing with the Securities and Exchange Commission. The sales come as the stock, currently trading at $8.37, has experienced significant volatility, dropping nearly 15% in the past week despite maintaining impressive gross profit margins of 78%. On January 15, DeHoff sold 1,121 shares at a price of $8.35 per share, totaling $9,360. This transaction was made to cover taxes due upon the release and settlement of restricted stock units (RSUs).
In a separate transaction on January 16, DeHoff sold an additional 27,783 shares at a weighted average price of $8.36 per share, generating $232,265. This sale was executed under a 10b5-1 trading plan adopted on June 6, 2024. The trades were completed at prices ranging from $8.07 to $8.53, with the reported price reflecting the weighted average sale price.
After these transactions, DeHoff's direct ownership stands at 190,132 shares.
In other recent news, Joby Aviation has been the focus of several analyst upgrades and significant company milestones. Needham & Company raised its price target on Joby Aviation from $8.00 to $10.00, maintaining a Buy rating, while Canaccord Genuity increased its price target to $11.50 and reiterated a Buy rating. H.C. Wainwright also maintained its Buy rating, indicating a positive outlook for the company's trajectory.
These upgrades followed Joby Aviation's announcement of a successful capital raise of $500 million in the fourth quarter of 2024 and an additional $232 million in liquidity from a recent equity raise. The company also secured a $500 million equity capital commitment from its partner, Toyota (NYSE:TM). These financial boosts have strengthened Joby Aviation's financial position significantly, as confirmed by a healthy current ratio of 16.12.
In terms of company news, Joby Aviation completed static load testing of a major aerostructure and concluded a maintenance training program with the U.S. Air Force. However, the company's CFO, Matthew Field, announced his resignation for personal reasons, with CEO JoeBen Bevirt and company controller Sergei Novikov stepping in as interim replacements.
Finally, Joby Aviation has made significant regulatory progress, with the FAA issuing a Part 141 Certification for its pilot training academy and accepting its Part 5 Safety Management System for flight operations ahead of the deadline. These recent developments underscore Joby Aviation's progress towards launching its urban air mobility business.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.