After markets closed on Tuesday, Adobe reported better-than-expected earnings and revenue but issued downside guidance for the current quarter. Shares traded down about 7% in the first half-hour of Wednesday’s regular trading session.
Before markets opened on Wednesday, General Mills reported mixed results, beating on earnings but missing the revenue estimate. Upside guidance for fiscal 2022 carried the day, however, and shares traded up about 5%. JinkoSolar beat on both the top and bottom lines Wednesday morning, and the stock traded up less than 1%. Winnebago also posted solid beats on the top and bottom lines, and the shares traded down about 7.5%.
After markets close Wednesday and before they open again on Thursday, reports from these four firms are expected, among others: Darden Restaurants, Fortuna Silver Mines, Hello Group and Trip.com.
Here is a look at companies set to report quarterly after Thursday’s closing bell. We have no reports on our radar for Friday.
Joby Aviation
Shares of Joby Aviation Inc. (NYSE: JOBY) rose 30% on August 11 last year, the date of company’s initial public offering. Since then, the electric aircraft maker’s stock has dropped by about 57%. Joby announced on Tuesday that it had submitted an area-specific certification plan to the Federal Aviation Administration that brings the company closer to receiving a type certification for its electric vertical take-off and landing (eVTOL) aircraft. The company is targeting its launch of an aerial ride-sharing service for 2024.
ARK Investment has increased its stake in Joby from around 991,000 shares at the end of December to 1.42 million shares as of Tuesday’s closing bell.
Joby’s growth-stock status has not yet attracted much coverage. Of two brokerages covering the firm, one rates the shares at Strong Buy and the other at Hold. At a recent price of around $5.80 a share, the upside potential based on a median price target of $11.00 is almost 90%. At the high price target of $16.00, the upside potential is about 176%.
Just one analyst has forecast fourth-quarter results. That analyst estimates a loss per share of $0.15. No revenue forecast is available. For the full fiscal 2021 year, a consensus of two estimates calls for a loss per share of $0.84.
The company is not expected to post a profit in 2022 or 2023. The analysts’ estimate for Joby’s 2022 per-share loss is $0.53. Total shareholder return over the past 12 months is negative 46%.
Nio
China-based electric vehicle maker Nio Inc. (NYSE: NIO) has dropped nearly 50% from its share price over the past 12 months, including a jump of more than 50% since posting its 52-week low last week. The company began selling shares on the Hong Kong exchange earlier this month in what the exchange calls an “introductory listing” in which the company does not raise any money or offer any new shares. The Hong Kong IPO was similar to direct listings on U.S. exchanges. Meanwhile, a threat of delisting in New York continues to hang over Nio and other Chinese stocks.
There are 25 analyst ratings on Nio’s stock, and 21 of those are at Buy or Strong Buy. At a share price of around $21.40, the upside potential based on a median price target of $48.60 is about 127%. At the high target of $86.63, the upside potential is 305%.
For the fourth quarter, the consensus estimates call for revenue of $1.53 billion, which would be up less than 1% sequentially and 50% higher year over year. Nio is expected to post an adjusted loss per share of $0.13, worse than the $0.06 per-share loss in the prior quarter and better than the year-ago loss of $0.14 per share. For the full year, the company is expected to report a per-share loss of $0.30, better than the $0.66 loss last year, on sales of $5.62 billion, up about 126%.
Analysts estimate that Nio will trade at a multiple of 92.2 times earnings in 2023. Until then, it is not expected to post a profit. The enterprise value-to-sales multiple is expected to be 5.7 in 2021 and 3.2 in 2022. The stock’s 52-week range is $13.01 to $55.13. The company does not pay a dividend. Total shareholder return for the past year is negative 47.6%.
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