Joby Aviation , Inc. (NYSE:JOBY) CEO and Chief Architect JoeBen Bevirt has recently engaged in significant stock transactions, according to a new SEC filing. The executive sold a total of 250,000 shares of common stock for over $1.4 million. These sales occurred on two separate dates, with a batch of 200,000 shares sold at an average price of $5.18 per share, totaling approximately $1,036,000, and another 23,750 shares sold at an average price of $4.96 per share, adding up to around $117,800.
The transactions were executed under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to avoid accusations of insider trading. Prices for the sales varied, with the larger batch of shares being sold at prices ranging from $5.13 to $5.39, reflecting a weighted average sale price of $5.18. Detailed information about the exact number of shares sold at each price point is available upon request to the SEC, the issuer, or a security holder of the issuer.
In addition to the sales, Bevirt also acquired shares through the exercise of options, although these transactions involved no cash exchange as the exercise price per share was $0.00. The non-derivative transactions led to Bevirt acquiring 62,777 shares of common stock, which did not impact his financial position as the shares were obtained through the vesting of restricted stock units (RSUs) and not through open market purchases.
Following these transactions, Bevirt's direct holdings have changed, but he also holds indirect ownership through various trusts. This includes the Joby Trust, the JoeBen Bevirt 2020 Descendants Trust, and the JoeBen Bevirt 2022 GRAT Trust, where he may be deemed to have beneficial ownership due to his role as a trustee. Additionally, certain shares are held by the Jennifer Barchas Trust and by his spouse, where Bevirt may also be deemed to have beneficial ownership.
Joby Aviation, a company operating in the aircraft manufacturing industry, has seen its stock price fluctuate in recent times, and these transactions provide a glimpse into the trading activities of one of its top executives. Investors often keep a close eye on insider buying and selling as an indicator of company health and executive confidence in the business's prospects.
InvestingPro Insights
Joby Aviation, Inc. (NYSE:JOBY) has been the subject of investor attention not only due to insider transactions but also because of its financial metrics and market performance. With a market capitalization of $3.46 billion, Joby Aviation stands out in the aircraft manufacturing industry. Despite the company's impressive gross profit margin of 80.62% for the last twelve months as of Q4 2023, its operating income margin during the same period was deeply negative at -45,745.54%, reflecting significant operating losses.
Investors considering Joby Aviation should note that the company holds more cash than debt on its balance sheet, an InvestingPro Tip that suggests a strong liquidity position. This is further supported by the company's liquid assets exceeding short-term obligations. Additionally, analysts are anticipating sales growth in the current year, which could signal potential for future revenue increases.
However, it's important to highlight that the stock has experienced considerable volatility recently, with a price total return of -18.51% over the last three months. The stock's performance has been quite turbulent, which might be a point of concern for risk-averse investors. Moreover, analysts do not anticipate the company will be profitable this year, an InvestingPro Tip that may influence investment decisions for those seeking near-term profitability.
For investors seeking further insights and additional tips, there are 11 more InvestingPro Tips available for Joby Aviation at Investing.com/pro/JOBY. To enhance your investment analysis, you can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This could provide a more comprehensive understanding of Joby Aviation's financial health and market position.
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