Joby Aviation's stock sank Wednesday after JPMorgan recommended that investors sell, saying the record gains seen last month did not reflect fundamentals.
Shares of Joby Aviation Inc. were suffering their worst day in two years Wednesday after JPMorgan’s William Peterson recommended that investors sell, saying the record gains seen last month did not reflect fundamentals.
Peterson cut his rating on the electric vertical-takeoff-and-landing company’s JOBY stock to underweight, after being at neutral for the past 15 months. He raised his price target to $6 from $5, but the new target still implied 29.5% downside from current levels. “We think this market reaction was largely overblown and a reflection of significant short covering and retail flows rather than improved fundamentals, given that this announcement is an implied part of the overall certification plan,” Peterson wrote in a note to clients.
Joby was founded in 2009, and went public on Aug. 11, 2021 after completing the merger with special purpose acquisition company Reinvent Technology Partners.
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