Joby Aviation stock falls again after $514 million capital raise
On Wednesday, shares of leading electric aircraft (eVTOL) manufacturer Joby Aviation Inc fell another 4%, adding to Tuesday’s 8% drop. The stock is cooling off after a six-month rally, moving back toward analysts’ target price ranges.
Several factors are weighing on JOBY, including weak second-quarter results — a loss of $0.41 per share, significantly worse than expected. Available data suggest that Joby’s eVTOL certification process is roughly 70% complete, which continues to dampen investor sentiment.
In addition, the company raised $514 million through a discounted share offering of about 10.9%, sparking fears of share dilution among investors.
15-minute chart of JOBY. Source: TradingView
Although the stock opened the week with an 11% gain, the subsequent two-day decline fully erased those gains. On Wednesday, JOBY briefly fell below $15, still notably above most analysts’ target valuations.
“The dilutive share offering likely triggered the sell-off; but if Joby can accelerate certification and commercial readiness, there’s room for recovery,” said analyst Anton Kharitonov.
Analyst targets trail behind stock performance
Meanwhile, most analysts assign average price targets below the current market value: AlphaSpread and StockAnalysis show a median of $11.83, Nasdaq analysts place it at $9.50, Zacks gives $8.50, and MarketWatch lists $8.25.
Some analysts note that targets around $12–$13 assume Joby will complete certification and begin commercial service soon. Others believe the stock already prices in much of this optimism, leaving limited upside — especially if further capital raises occur.
Zacks’ more pessimistic estimate of $8.50 implies continued challenges in entering the passenger air-taxi market. The Nasdaq review highlights a clear divide between optimists and skeptics: conservative forecasts near $9–$10, versus bullish ones up to $13 or higher.
Similarly, Cantor Fitzgerald maintained a modest $9.00 target despite positive demo flight news, while Morgan Stanley kept a $15.00 “Hold” rating.
“Even with successful certification, upside is limited until Joby starts generating consistent revenue — conservative targets around $9–$10 seem more realistic,” said analyst Viktoras Karapetjanc.
Indeed, in the absence of positive updates on certification, production, or flight milestones, investors are left focusing on overvaluation and dilution risks. If Joby Aviation recognizes this, it will need to provide more concrete progress data to regain confidence.
As we wrote, Investors sell Joby stock after 160% six-month rally
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