Shares of Joby Aviation, a leading player in the electric vertical takeoff and landing (eVTOL) aircraft industry, plummeted by 5.25% during Friday's trading session. This decline was part of a broader pullback in the eVTOL sector, with fellow companies like Archer Aviation also experiencing notable losses.

The sell-off in eVTOL stocks appears to be driven by a combination of factors. First, both Joby Aviation and Archer Aviation have seen their stocks surge significantly in 2023, with Joby's shares nearly doubling and Archer's tripling. This recent run-up likely made the stocks vulnerable to profit-taking, as investors sought to lock in gains.

Additionally, the news of Archer Aviation announcing a $70 million stock offering may have contributed to the sector's weakness. While the offering amount is relatively small compared to Archer's market capitalization, it could have raised concerns about potential dilution and funding needs among eVTOL companies as they navigate the capital-intensive path to commercialization.