Joby Aviation descends on pricing $514 mln stock offering

** Shares of electric air taxi maker Joby Aviation JOBY down 10.4% premarket to $16.95 after overnight follow-on priced

** Santa Cruz, California-based JOBY late Tues sold 30.5 mln shares at $16.85 for about $513.9 mln gross proceeds

** Offering priced at 10.9% discount to stock's last sale

** Co intends to use net offering proceeds to fund certification and manufacturing efforts, commercial operations preparations, and for working capital and other general purposes

** With ~855.98 mln shares outstanding, co has about $16.2 bln market cap

** Morgan Stanley sole bookrunner for offering

** Through Tues close, shares up ~133% YTD

** Of 9 analysts covering JOBY, 1 rates "buy", 6 rate "hold" while 2 recommend "sell"; median PT is $7, per LSEG data