JOBY - Hot Stocks: NIO SMRT drop on earnings news; JOBY rises; PRPL falls on stock offering
The release of quarterly results fueled notable price movements in Friday's pre-market trading. Nio (NYSE:NIO) and SmartRent (SMRT) both lost ground following the release of their earnings reports. Meanwhile, Joby Aviation (JOBY) got a more friendly response to its latest financial figures. The stock gained ground on signs of a strong cash position and amid progress towards regulatory approval of its products. Elsewhere in the market, Purple Innovation (PRPL) posted a pre-market decline, weighed down by word of a stock offering. Decliners Nio (NIO) lost ground in pre-market trading, falling 5% on disappointing Q4 results. The electric vehicle maker revealed a wider-than-expected loss, despite revenue that jumped 52% from last year. The company also gave a downbeat forecast. The firm predicted revenue expansion between about 21%-25%, while analysts were looking for a growth rate closer to 34%. Quarterly results also sent SmartRent (SMRT) sharply lower. The maker of home automation
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Hot Stocks: NIO, SMRT drop on earnings news; JOBY rises; PRPL falls on stock offering