Shares of Joby Aviation, Inc. (JOBY) plummeted 6.66% in intraday trading on Thursday, as investors reacted to the company's disappointing second-quarter results and growing analyst skepticism. The electric vertical takeoff and landing (eVTOL) aircraft developer faced a significant sell-off following its financial report and subsequent analyst downgrades.

Joby Aviation reported a loss for Q2 and fell short of revenue expectations, triggering concerns about the company's near-term prospects. The disappointing results prompted HC Wainwright to downgrade Joby Aviation to Neutral from Buy, while J.P. Morgan analyst Bill Peterson maintained a Sell rating with a price target of $7.00. Peterson cited high execution risks and overvaluation as key concerns for the eVTOL company.

The sharp decline comes despite a recent target price upgrade from Needham, which raised its price target for Joby Aviation to $22 from $10. However, this positive outlook was overshadowed by the company's financial performance and growing skepticism among other analysts. As Joby Aviation continues to navigate the challenges of bringing its innovative eVTOL technology to market, investors appear to be reassessing the company's valuation and growth prospects in light of its recent financial results.