#1 - Joby Aviation (NYSE:JOBY)
Joby Aviation Inc. (NYSE: JOBY) is one of the leading names in the eVTOL sector. A key reason for that is the company is the furthest down the path toward certification by the United States Federal Aviation Administration.
The company has completed three of the five certification stages required by the FAA and is on track to finish the process early in 2025. Joby also has existing contracts with the U.S. Department of Defense (DOD) to deliver aircraft to MacDill Air Force Base in 2025.
The caution regards earnings. In its February 2024 earnings report, the company beat expectations by posting a loss of 17 cents per share. However, that was worse than the negative 14 cents per share it posted in the prior year.
Cash burn is to be expected, and Joby still has over $1 billion of cash on hand to get their flying cars in the air. But the company has received Investment dollars from Toyota Motor Co. (NYSE: TM), Uber Technologies Inc. (NYSE: UBER), and South Korean SK Telecom (NYSE: SKM) to help keep the dollars flowing.
That said, short interest continues to hover around 20%. However, as of May 6, 2024, JOBY stock has 45% institutional ownership, which shows that the “smart money” is interested in the sector.
About Joby Aviation
Joby Aviation, Inc, a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. The company intends to build an aerial ridesharing service, as well as developing an application-based platform that will enable consumers to book rides.
Read More - Current Price
- $4.77
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 3 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $8.88 (86.1% Upside)
