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Investing.com - H.C. Wainwright has reiterated its Buy rating and $13.00 price target on Joby Aviation Inc (NYSE:JOBY) following the company’s successful eVTOL test flights in Dubai. The stock has shown remarkable momentum, gaining over 19% in the past week and 116% over the last year, according to InvestingPro data.
Joby announced on June 30 that it completed the industry’s first piloted, air-conditioned, full-transition eVTOL flights in Dubai last week, with some flights witnessed by His Excellency Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of the Roads and Transport Authority, Dubai.
The successful flights demonstrated both eVTOL design maturity and technological capabilities for operations in high-temperature conditions, with Dubai temperatures often exceeding 100°F while maintaining comfortable cabin conditions.
This achievement follows Joby’s first full-transition flight in the U.S. in April 2025, with the Dubai success further demonstrating the company’s readiness for commercial market operations.
H.C. Wainwright views the Dubai performance as evidence of both strong aircraft engineering and the benefits of Joby’s vertically integrated approach, which has allowed the company to optimize its design and the interplay between various aircraft components and parts.
In other recent news, Joby Aviation has made significant strides in its commercial market readiness efforts by successfully completing a series of piloted vertical-takeoff-and-landing flights in Dubai. This marks a pivotal step in Joby’s commercialization strategy, which includes direct operations, aircraft sales, and regional partnerships. The company has delivered its first aircraft to the United Arab Emirates as part of its partnership with Dubai’s Roads and Transport Authority, granting Joby exclusive rights to operate air taxis in Dubai for six years. Construction is already underway for vertiport infrastructure at key locations in Dubai, with service expected to launch in 2026.
Joby Aviation’s stock has received mixed assessments from analysts. Canaccord Genuity has reiterated a Buy rating, citing the company’s progress in flight-testing targets and infrastructure development. Meanwhile, Cantor Fitzgerald maintains a Neutral rating due to concerns about the company’s cash burn rate, although Joby holds a strong liquidity position with approximately $1.3 billion in total liquidity. On a more optimistic note, H.C. Wainwright has raised its price target to $13, highlighting the potential for Joby’s technology in national defense applications, bolstered by a $131 million contract with the U.S. Air Force.
Joby Aviation’s ongoing efforts to meet Federal Aviation Administration certification requirements include advancing its flight cadence and expanding production capacity. The company plans to build approximately six certification aircraft for FAA pilot tests by year-end. The expansion of its Marina factory and the opening of the Dayton plant in partnership with Toyota (NYSE:TM) are seen as critical to meeting emerging market demand.
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