Movement Alert｜Joby Aviation, Inc. Intraday Decline 5.32% in Regular Trading, Post-Earnings Target Cuts Weigh on Shares

Market Focus11-10 22:53

On November 10, Joby Aviation, Inc. fell 5.32% in Regular Trading, trading at $5.82, with turnover of $15.414 million.

The move followed continued digestion of the company’s third-quarter results, as stronger-than-expected revenue and a higher full-year outlook were overshadowed by analyst target-price reductions and renewed focus on persistent losses and cash burn.

Joby Aviation, Inc. reported third-quarter EPS of a $0.22 loss, better than the expected $0.25 loss, while revenue rose to $55.089 million from $22.6 million a year earlier and exceeded expectations of about $39.218 million. The company also raised full-year revenue guidance to $135 million-$140 million from $115 million-$125 million. Even so, recent analyst actions turned mixed: Morgan Stanley had cut its target price to $10 from $13, while Canaccord Genuity upgraded the stock to Buy but lowered its target price to $7 from $11.5.

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