Joby Aviation (JOBY) shares ended Friday's session essentially unchanged, closing up 0.2% at $9.90 after trading between $9.68 and $10.22. Volume for the day reached approximately 17.2 million shares. In after-hours activity, the stock last traded at $9.98.
Toyota's Deepening Involvement
A Bloomberg report indicates Toyota Motor (TM) is evaluating a more significant manufacturing role with the electric vertical takeoff and landing (eVTOL) developer. The automotive giant is reportedly troubleshooting production processes at Joby, seeking to safeguard its nearly $1 billion investment commitment. This potential expansion comes as Joby works to transition from prototypes to certified, scalable manufacturing.
Insider Sale Notifications Filed
Concurrently, six top company executives filed SEC Form 144 notices, signaling plans to sell restricted stock. The group, which includes founder and CEO JoeBen Bevirt, General Counsel Katherine DeHoff, and Chief Product Officer Eric Allison, collectively filed for the potential sale of roughly 56,000 shares. Based on recent prices, these shares hold a combined market value of approximately $556,000.
It is important to note that Form 144 filings indicate an intention to sell but do not guarantee transactions will occur. Plans can change, and the filings are subject to specific timing windows and restrictions. However, a cluster of such notices from senior leadership often draws investor scrutiny.
Market Context and Upcoming Catalysts
Investors will next have an opportunity to react to these developments when U.S. markets reopen on Tuesday following the Presidents Day holiday. The company is scheduled to report its fourth-quarter 2025 financial results on February 25, where updates on certification progress, production timelines, and liquidity will be closely watched.
The broader competitive landscape adds pressure, with peers like Archer Aviation (ACHR) pursuing similar regulatory and production milestones. Joby recently bolstered its balance sheet through a financing round that included $600 million in convertible notes and an equity offering. The market's immediate focus will be on whether Toyota's involvement solidifies into a firm production commitment and if the insider sale activity remains isolated or develops into a trend.
