On August 11, Joby Aviation, Inc. fell 5.56% in pre-market trading, trading at $8.33/share, with turnover of $2.4437 million.
The decline follows the company's Q2 earnings report, which showed a per-share loss of $0.25, missing the FactSet consensus estimate of a $0.23 loss by 8.7%. While the loss narrowed significantly from $0.41 per share a year earlier and revenue of $38.6 million handily beat the $30.2 million estimate, the EPS shortfall has given bears ammunition. Notably, short interest had been building ahead of the earnings release, with implied volatility reaching 11.75%, signaling expectations of a sharp post-earnings move. With EPS disappointing, short sellers have continued to pressure the stock.
On the positive side, the company raised full-year revenue guidance to $115-$125 million, above the analyst consensus of $116.8 million, and recently signed a Texas hub lease and a joint venture with Toyota to mass-produce its S4 eVTOL aircraft. However, elevated short positioning and the earnings miss remain dominant near-term headwinds.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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