Why Joby Aviation Soared 29.5% Last Month But Is Plummeting in June
Written by Keith Noonan for The Motley Fool -> Joby's Q1 report arrived with stronger-than-expected sales and a smaller-than-anticipated loss. Joby narrowed its full-year sales outlook, but its stock still gained ground in May amid a bullish backdrop for growth stocks. Investo
Joby's Q1 report arrived with stronger-than-expected sales and a smaller-than-anticipated loss.
Joby narrowed its full-year sales outlook, but its stock still gained ground in May amid a bullish backdrop for growth stocks.
Investors have become more risk averse early in June's trading.
Joby Aviation (NYSE: JOBY) stock saw strong gains in May's trading , rising 29.5% across the stretch . Meanwhile, the S&P 500 rose 5.2%, and the Nasdaq Composite surged 8.4% higher.
The broader market hosted strong bullish momentum for growth stocks last month, and a solid quarterly report helped support big gains for Joby. Despite a big pop last month, the company's share price is down roughly 28% year to date.
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Joby published its first quarter results on May 5, reporting sales and earnings that surpassed Wall Street's estimates. The business recorded a loss of $0.12 per share on sales of $24 million. The company's per-share loss was 0.09 lighter than anticipated, and its sales came in $3.8 million higher than the average analyst estimate.
Along with its fiscal Q1 report, Joby narrowed its revenue guidance for the year to between $105 million and $115 million. Even though the company's previous sales forecast had called for sales between $105 million and $150 million, the company's recent quarterly report and outlook update were enough to support big gains last month.
