Joby Aviation Insiders Sold $10.7M, Stock Below All Exits
Joby Aviation insiders sold $10.67 million in 90 days, including $9.32 million from CEO Bevirt across two tranches, with zero purchases on record. The stock has since fallen to $6.98, below the lowest
Joby Insiders Sold $10.7M; Stock Sinks Below Every Exit
NEW YORK, August 29 —
Joby Aviation, Inc. (JOBY) filed a shelf offering and disclosed a new Material Definitive Agreement on August 11, 2026. The filings gave investors reason to hold. Its own executives used that same window to sell. The stock has since fallen to $6.98, below the lowest insider exit price of the past 90 days, with zero purchases on record.
- CEO Bevirt sold $9.32M across two tranches in 33 days; total 90-day insider selling: $10.67M, zero purchases.
- JOBY trades at $6.98, below every insider exit in the period; the lowest sale price was $7.23.
- Joby burns $436M in free cash flow annually; EPS missed consensus three of four quarters, by 8.5% most recently.
Every Insider Exit Price Is Now Above Market
Joby Aviation, founded in 2009, builds eVTOL aircraft for urban passenger transportation and operates across the United States, Japan, and Europe, though commercial air taxi service has not launched. Its $120 million in trailing revenue comes from government contracts, engineering services, and demonstration flights. CEO Joeben Bevirt sold 596,666 shares at $7.75 on July 15 and 596,667 more at $7.87 on August 17, collecting $9.32 million in 33 days. Director Paul Sciarra sold at $7.96 on August 13. Chief Policy Officer Gregory Bowles sold on four separate dates through August 25. The breadth matters: not one insider selling to diversify, but multiple executives across months with no offsetting purchase.
A Catalyst Nobody Bought Into
The August 11 SEC filings included a 424B5 shelf offering and an 8-K disclosing a Material Definitive Agreement, an unregistered equity sale, and a Regulation FD disclosure suggesting an investor communication accompanied the event. A similar Material Definitive Agreement appeared via 8-K on June 30. Neither agreement's commercial terms are public. Either could be the event that opens commercial air taxi revenue for a company burning $610 million in operating cash annually. The executives with direct knowledge of those agreements responded by selling: Director Sciarra collected $497,500 at $7.96 two days after the filing; CEO Bevirt collected $4.70 million at $7.87 six days after.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| JOBY | $6.9B | n/a | -46.6% |
| ACHR | $4.4B | n/a | -31.0% |
| RKLB | $41.2B | n/a | +36.9% |
| IONQ | $15.9B | n/a | -1.2% |
| RGTI | $5.2B | n/a | +5.9% |
| SOUN | $3.2B | n/a | -46.2% |
One Bull Argument, Zero Insiders
Analyst consensus puts JOBY at $10.67, 53% above the current price, but the company has missed EPS estimates in three of the past four quarters, most recently by 8.5% against a - consensus in Q2 2026. Short interest at 15.4% of float signals organized skepticism. The one credible bull case: Joby holds $2.26 billion in cash against $750 million in debt, giving the company a cash runway worth stress-testing against any assumed commercial timeline in a DCF calculator. The thesis breaks if the undisclosed agreements reveal a paying commercial partner large enough to narrow the $436 million annual FCF burn. Until that disclosure arrives, run the free Joby Aviation, Inc. deep-dive →.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
How much have Joby Aviation insiders sold recently?
Total 90-day insider selling reached $10.67 million with zero purchases on record. CEO Joeben Bevirt sold $9.32 million across two tranches in 33 days, Director Paul Sciarra sold at $7.96 on August 13, and Chief Policy Officer Gregory Bowles sold on four separate dates through August 25.
What is Joby Aviation's current stock price?
Joby trades at $6.98, which is below the lowest insider exit price of $7.23 recorded over the past 90 days. Analyst consensus puts the stock at $10.67, 53% above the current price.
Does Joby Aviation have enough cash to survive?
Joby holds $2.26 billion in cash against $750 million in debt. The company burns $436 million in free cash flow annually and $610 million in operating cash annually, so the runway length depends entirely on when commercial air taxi revenue begins, since commercial service has not launched.
Has Joby Aviation missed earnings estimates?
Joby missed EPS consensus in three of the past four quarters, most recently by 8.5% against a -$0.234 consensus in Q2 2026. Short interest stands at 15.4% of float, signaling organized skepticism.
What did Joby Aviation disclose in August 2026 SEC filings?
The August 11 filings included a 424B5 shelf offering and an 8-K disclosing a Material Definitive Agreement, an unregistered equity sale, and a Regulation FD disclosure. A similar Material Definitive Agreement appeared via 8-K on June 30. Neither agreement's commercial terms are public.
Joby Aviation insiders have sold $10.67 million in open-market shares with zero purchases over the past 90 days, and the stock has now fallen to $6.98 — below the exit price of every single insider sale in the period. The CEO alone booked approximately $9.32 million across two near-identical tranches in 33 days, with the most recent sale occurring just days after the company filed a 424B5 prospectus supplement and disclosed a new Material Definitive Agreement on August 11.