7/105 sources · 5 publishersUpdated Oct 9, 19:35 UTC
Barclays cuts Joby Aviation to Underweight with $4 price target amid $117 million trade‑secret verdict
Barclays downgraded Joby Aviation (JOBY) to Underweight, lowering its price target to $4 from $6. The downgrade follows a federal jury award of $116.9 million against Joby in a trade‑secret lawsuit. The news sent the stock down between 1.5% and 9% in pre‑market and intraday trading, with shares quoted around $5.26‑$5.66. Joby said it will appeal the verdict.
Why it matters
Barclays’ new $4 target sets a lower benchmark for analysts and quantitative models, which could increase selling pressure on the stock. The $116.9 million liability adds a potential cash drain for a pre‑revenue company that already burns significant cash.
Key facts
- 1Barclays cut Joby Aviation’s price target to $4, down from $6, and moved the rating to Underweight. tipranks.com
- 2A federal jury awarded Aerosonic $116.9 million after finding Joby breached a confidentiality agreement and misappropriated trade secrets. tipranks.com
- 3Joby’s shares fell 1.57% in pre‑market trading to $5.66 after the verdict. tipranks.com
- 4Joby’s stock dropped 4.8% to $5.475 following the Barclays downgrade and the legal verdict. investing.com
- 5Joby’s shares fell 9% to $5.26 after the downgrade, hitting near two‑year lows. finance.yahoo.com
- 6Joby holds about $2.26 billion in cash and short‑term investments. stockstotrade.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.