If you’ve been holding out on Joby Aviation (NYSE: JOBY), whether because of its lofty valuation or unfinished certification process, now might be a good time to take a second look at the beaten-down aviation stock.
Over the past month, Joby stock has lost about 21% of its value; year to date, about 47% has been shaved off
The company now has a $7.5 billion market capitalization, which still isn’t cheap considering it could be years away from generating meaningful revenue. Joby’s steep, not to say vertical, decline isn’t all that surprising. In fact, even the most bullish forecasts for the nascent electric vertical takeoff and landing (eVTOL) market have warned investors not to get too hung up on a slow regulatory process.
At today’s price, I think Joby is looking like a long-term buy, and it’s for similar reasons that investors are currently shying away from it. Joby Aviation is moving forward, even if the stock is moving backward In a nutshell, Joby Aviation is trying to build the first real air-taxi company in the U.S. To that end, the company has more real-world proof than most of its eVTOL peers.