Eric Allison, Chief Product Officer at Joby Aviation (NYSE:), recently sold 1,121 shares of the company’s common stock. The shares were sold at an average price of $8.35 each, totaling approximately $9,360. This transaction, dated January 15, 2025, was part of a sale to cover taxes due upon the release and settlement of restricted stock units (RSUs).
In addition to this sale, Allison acquired 3,089 shares of common stock on January 14, 2025, through the exercise of restricted stock units. These RSUs were awarded under the Joby Aviation 2024 Performance Award Program, with vesting contingent upon the achievement of specific performance goals.
Following these transactions, Allison holds a total of 572,235 shares directly. Joby Aviation, headquartered in Santa Cruz, California, is known for its development of electric vertical takeoff and landing (eVTOL) aircraft.
In other recent news, Joby Aviation has seen a series of significant developments. Needham & Company adjusted its outlook on Joby Aviation, raising the price target from $8.00 to $10.00 while maintaining a Buy rating. This revision follows a discussion with Joby’s Chief Product Officer, Eric Allison, at the 27th annual Needham Growth Conference. The Needham analyst expressed continued confidence in the company, citing Joby’s anticipated international launch in the United Arab Emirates later this year, in addition to the expected domestic regulatory approval by the Federal Aviation Administration (FAA).
Analysts from Canaccord Genuity and H.C. Wainwright have also reiterated their Buy ratings for Joby Aviation, indicating confidence in the company’s trajectory. The company has strengthened its financial position by securing an additional $232 million in liquidity from a recent equity raise, and a $500 million equity capital commitment from its partner, Toyota (NYSE:). Joby Aviation has also completed static load testing of a major aerostructure, marking a milestone in the company’s progress towards building and flying the final conforming aircraft design within the year.
However, the company’s CFO, Matthew Field, has announced his resignation for personal reasons. CEO JoeBen Bevirt and company controller Sergei Novikov will serve as interim replacements for Field. Lastly, Joby Aviation has achieved 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.
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