Shares of Joby Aviation (NYSE:JOBY) slid 6% this week, closing at $7.23 on Friday, as the company's CEO executed a small share sale that contributed only a fraction of the overall market value drop. The stock has fallen 6.3% since July 10, touching a 52-week low of $6.89 during the period.
According to a Form 4 filing with the SEC, CEO JoeBen Bevirt sold 596,666 shares on Wednesday at an average price of $7.75, generating gross proceeds of approximately $4.62 million. The transaction was conducted under a prearranged Rule 10b5-1 trading plan established on October 10, 2025, which allows insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information.
The sale represented just 0.061% of Joby's total outstanding shares of 983.6 million and roughly 0.65% of Bevirt's direct and indirect holdings prior to the transaction. An initial estimate suggests the company's market capitalization declined by about $482 million this week, with Bevirt's sale accounting for only 0.96% of that figure.
Trading volume spiked significantly, with 91.7 million shares changing hands on Friday—2.47 times the 65-day average. On Wednesday, the day of the sale, volume reached 53.7 million shares, with Bevirt's transaction representing 1.1% of that day's activity. While these ratios do not rule out a sentiment effect, they indicate that the CEO's sale alone is unlikely to have driven the entire weekly decline.
The broader air-taxi sector also faced headwinds. Archer Aviation (NYSE:ACHR) closed at $4.44, down 1.11% on Friday and 17.47% over the past month. Vertical Aerospace (NYSE:EVTL) ended at $1.48, up 2.07% on the day but down 31.16% over the same period. In comparison, the Nasdaq-100 ETF (NASDAQ:QQQ) declined 5.42% in the past month, while Joby dropped 22.51%—more than four times the benchmark's decline. This trend suggests a broader sector de-risking as investors reassess timelines for commercialization and regulatory approvals.
Company Developments and Analyst Outlook
Joby released its latest company update on Thursday, highlighting that five aircraft completed over 850 flights during 2025, a 2.6-fold increase from the prior year. However, the report did not announce any new FAA milestones. The company's initial conforming production aircraft began flight testing in March, ahead of FAA pilot assessments expected later this year.
Manufacturing progress remains a key focus. On June 30, Joby and Toyota Motor (NYSE:TM) formed a manufacturing joint venture, with Bevirt stating they share a vision of making aerial mobility an everyday reality.
Analysts remain divided: two recommend buy, six hold, and three suggest sell, with a median price target of $9.75 and a low of $6.00. Joby is set to showcase a full-size model at Oshkosh from July 20 to 26, providing exposure but no financial updates. The next major catalyst is the second-quarter earnings release on August 12, where analysts forecast a loss of $0.23 per share. Risks center on certification delays, slower progress in Dubai, or manufacturing setbacks.
