Movement Alert|Joby Aviation, Inc. Falls 5.17% in Regular Trading, Q2 EPS Misses Estimates as $500M Acquisition Plan Weighs on Shares

Market Focus03:25

On August 12, Joby Aviation, Inc. fell 5.17% in regular trading, trading at $7.985/share, with turnover of $173 million.

On the news front, the company's previously reported Q2 earnings showed a per-share loss of $0.25, missing the FactSet consensus estimate of a $0.23 loss by 8.7%. While revenue of $38.6 million significantly beat the $30.2 million estimate, the wider-than-expected loss drew investor concern. Additionally, the company announced plans to acquire defense technology firm Resonant Sciences for approximately $500 million, intensifying worries over cash consumption for a pre-revenue-stage eVTOL developer. Short interest had already been accumulating ahead of the earnings release, with implied volatility reaching 11.75%, and bearish positioning has continued to pressure the stock following the disappointing bottom-line result.

Joby Aviation is an electric vertical takeoff and landing aircraft developer working with the FAA on commercial operations certification, having completed two of five type certification stages.

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