Joby Aviation Shares Plummet 4.34% on $770M Volume, Falls to 142nd in U.S. Liquidity Rankings

, . stocks by liquidity. The electric vertical takeoff and landing (eVTOL) developer's shares experienced heightened volatility amid mixed signals from regulatory and market developments.

Regulatory scrutiny intensified as the Federal Aviation Administration (FAA) initiated a safety review of JOBY's battery management systems. While the company emphasized its compliance with all current certification standards, analysts noted the review could delay commercial flight timelines. Meanwhile, production delays at JOBY's manufacturing partner raised questions about meeting 2026 delivery targets for its first-generation aircraft.

Market participants reacted to JOBY's updated capital allocation strategy, which prioritizes regulatory compliance over near-term production scaling. , with proceeds earmarked for certification testing rather than manufacturing expansion. This shift contrasted with competitors' recent equity raises focused on production infrastructure.

To run this back-test rigorously we need to make a few implementation choices that aren’t fully specified yet. Please confirm (or adjust) the items below so I can move straight into the data pull and computation without further pauses:

1. Universe • Default I’ll use all primary-listed U.S. common stocks on NYSE, NASDAQ and AMEX (roughly 3,000 names). • Each trading day we will sort that universe by dollar volume (shares × close price) and buy the top 500 names. • Positions are equally weighted (1/500 each).

2. Holding period / rebalancing • Positions are opened at the next day’s open and closed at that same day’s close (i.e., a 1-day holding period with daily re-formation).

3. Costs & slippage • Unless you prefer otherwise, I will assume zero explicit transaction costs and no slippage. • If you have cost assumptions (e.g., 5 bp per leg) please let me know.

4. Risk controls • None by default (no stop-loss, take-profit, or max-drawdown constraints). • Tell me if you’d like any added.

5. Benchmark • Results will be shown standalone; I can also plot versus SPY if you wish.

Please confirm these defaults (or give any adjustments) and I’ll launch the full back-test immediately.