Joby Aviation Set a Fresh 52-Week Low in the Month It Expects to Start Flying in Texas. I'm Still Not Buying the Stock.
Is a fresh 52-week low a buying opportunity when the air taxi company's most important flights yet are due this month?
Overview
Shares of Joby Aviation (NYSE:JOBY) dipped to $6.25 in morning trading on Thursday -- a fresh 52-week low for the electric air taxi company. The stock recovered some ground within hours and closed Thursday at $6.31. Still, the new low caps a long slide: the stock's 52-week range now stretches from Thursday's $6.25 print to $19.98.
The timing is hard to ignore. September is the month Joby said its electric air taxi would begin flying routes across the Dallas-Fort Worth area under a White House-backed federal pilot program. The company called the flights "one of our most important steps yet toward commercial service" in its second-quarter shareholder letter.
Details
Is the fresh low a chance to buy the stock on the cheap right before the company's biggest moment -- or is the market trying to tell investors something?
Source
Originally published at www.fool.com.
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