Movement Alert|Joby Aviation, Inc. Falls 5.02% in Regular Trading, Q2 EPS Miss and $500M Acquisition Plan Weigh on Shares

Market Focus08-15 03:05

On August 14, Joby Aviation, Inc. declined 5.02% in regular trading, trading at $7.865/share, with turnover of $171 million.

On the news front, the company previously reported Q2 loss per share of $0.25, missing the analyst consensus estimate of $0.23 by 8.7%. While revenue of $38.6 million significantly beat the $30.2 million estimate and improved from a loss of $0.41 per share year-over-year, the wider-than-expected loss raised concerns about cost control.

Additionally, the company announced a planned acquisition of Resonant Sciences for approximately $500 million, intensifying market worry over cash burn. Short interest has continued to build heading into the report, amplifying selling pressure. The stock has declined for multiple consecutive sessions since the earnings release, falling from $8.35 on August 11 to current levels.

Joby Aviation, Inc. 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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