Joby Aviation Stock Stalls After Public Offering

Joby priced its 40 million shares at $5.05 per share

Joby Aviation Inc (NYSE:JOBY) stock is 13.3% lower to trade at $5.24 after the electric air taxi company priced an underwritten public offering of 40 million shares at $5.05 per share. JOBY is pacing for its worst single-session percentage drop since July 2023, and is now down 22% in 2024, though there’s support from the $5.10 level in place.

Drilling down today’s options activity, calls and puts are popular following the offering. So far, 8,810 calls and 6,097 puts have traded hands, which is three times the intraday average volume. New positions are being sold to open at the most popular contract, the weekly 11/1 5-strike put.

Short-term options traders have been overwhelmingly bearish. This is per JOBY’s Schaefer’s put/call open interest ratio (SOIR) of 0.90 that stands in the 91st percentile of reading from the past 12 months. Meanwhile, short interest is down 6.8% over the last month, yet the 70.74 million shares sold short account for 15.5% of Joby Aviation stock’s total available float.

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