Analyst Austin Moeller of Canaccord Genuity maintained a Buy rating on Joby Aviation (JOBY – Research Report), with a price target of $11.00.
Austin Moeller has given his Buy rating due to a combination of factors, primarily revolving around the company’s progress in its type certificate (TC) process with the Federal Aviation Administration (FAA). Joby Aviation has made significant strides in this process, with their certification plans accepted by the regulator increasing by 16% to reach an 84% completion status. Of particular note was the FAA’s acceptance of Joby’s Energy Storage and Distribution System Plan, which is a crucial component considering it involves the electric powertrain and high-voltage distribution – elements that are being type-certified for the first time in aircraft.
In addition, Moeller highlighted Joby’s ongoing flight testing, the manufacturing of parts for its upcoming “conforming” aircraft which will be the final version to be certified by the FAA, and the development of its factory in Dayton, Ohio, which is expected to have a capacity of 500 units per year. Moeller also pointed out Joby’s robust financial standing, with around $1.1 billion in cash available as of the end of the quarter. He believes that Joby’s aircraft has a strong chance of being one of the first electric vertical takeoff and landing (eVTOL) aircraft to be certified for passenger travel in urban air mobility applications. This, along with the potential to pursue an OEM approach overseas, further solidifies the buy rating.
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Based on the recent corporate insider activity of 103 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of JOBY in relation to earlier this year.
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Joby Aviation (JOBY) Company Description:
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