Why Joby Aviation Stock Plummeted 19.8% in July But Is Soaring in August
Market trends weighed on Joby stock last month, but shares have since surged thanks to positive news.
Overview
Joby Aviation (NYSE: JOBY) stock saw a double-digit valuation pullback in July. The company's share price declined 19.8% in the month, according to data from S&P Global Market Intelligence. The S&P 500's level wound up being roughly flat in the month, and the more growth-focused Nasdaq Composite posted a 3.2% decline over the stretch.
Joby is an early leader in the electric vertical take-off and landing (eVTOL) aircraft space, but the outlook in the overall category is still highly speculative -- and the stock can see big valuation swings in conjunction with shifts in the market's appetite for growth stocks. Even with a significant post-earnings pop in August, the stock is still down roughly 34% year to date.
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Originally published at www.fool.com.