Why Joby Aviation Stock Is Losing Altitude Today
Joby Aviation (NYSE: JOBY) is selling additional shares to add to its cash coffers, meaning each existing share is worth a little less today than it was yesterday.
Investors had a negative reaction to the news, sending Joby shares down 14% as of 10:15 a.m. ET.
Joby is one of a handful of companies attempting to commercialize small electric aircraft capable of vertical takeoffs and landings, or eVTOLs. Proponents envision these small vehicles one day flying over traffic backups and connecting people living in outer suburbs to major airports.
Source Fool.com
