Jim Cramer Calls Joby Stock’s Decline “Brutal and Very 2000-ish”

Joby Aviation, Inc. (NYSE:JOBY) is one of the stocks Jim Cramer recently offered insights on. While discussing speculative stocks like Joby, Cramer said the cohort reminded him of the dot-com era. He said:

“It’s the speculative stocks that remind me of the dot-com era, a group of companies with no earnings to speak of that need to raise money to stay afloat. Now, we see these in nuclear power or crypto, or quantum computing stocks. These have all been bid up furiously by retail investors… I fear we’re at the cusp of some gigantic equity offerings for some kinds of these companies. We got one on Monday from an also-ran quantum company called Quantum Computing, and another one today from Joby Aviation, the flying car company. It offered 30.5 million shares of new stock at $16.85 per share. It closed up from the deal $17.37, but way down from the nearly $19 price of yesterday’s close. That’s brutal and very 2000-ish.”

Stock market data. Photo by Jakub Zerdzicki on Pexels

Joby Aviation, Inc. (NYSE:JOBY) develops electric vertical takeoff and landing aircraft for air transportation services. The company is also planning to launch an aerial ridesharing network.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.