On Wednesday, Joby Aviation (JOBY, Financial) saw its stock value fall around 8% due to insider selling concerns. The stock fell to $9.35 in intraday trading and closed at $9.53.
The selling activity involved two key insiders: Company insider Didier Papadopoulos sold 7,692 shares for an average price of $10.00, or $76,920. The reduction dropped his ownership stake in Joby Aviation by 13% to ownership of 50,902 shares. In addition, CEO Joeben Bevirt sold 250,000 shares on January 6 at $9.84 each, totaling $2.46 million. Even with this sale, Bevirt still holds more than 32.3 million shares, or 0.77% less, of those shares are worth around $318 million.
Bevirt also sold 23,886 shares in a separate transaction on January 2 at $8.08 to eliminate more of his holdings. Some investors have also been forced to reexamine the company's prospects after the signs of insider selling, although Joby remains a player in the emerging eVTOL (electric vertical takeoff and landing) aircraft industry. The recent dip may have been small, but the company remains on people's minds thanks to its forward-thinking technology and exciting future in the aviation space.
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