Aircraft company Joby Aviation, Inc. (NYSE: JOBY) recently revealed that it has completed and received subsequent approval of its first Systems Review and its first Compliance Review by the Federal Aviation Administration (FAA).
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Following the news, shares of the company gained 2.9% in Friday’s trading session.
Strategic Impact
With this approval, the company’s path towards its development approach, preliminary production design, and subsequent certification becomes clearer.
Notably, the review assessed Joby’s aerospace-grade systems and equipment capabilities, which remain critical components for aircraft. Along with this, Joby’s approach to the development and verification of aerospace-grade software and airborne electronic hardware was also assessed.
Management Commentary
Development Assurance Lead at Joby, Tom Ferrell, said: “The safety of modern aircraft owe much to rigorous, well-defined and repeatable development and verification processes.
“Successfully completing our first System Review and Compliance Review demonstrates that Joby’s engineering practices are maturing to a level where they can be applied for the most demanding safety-critical development while producing all the required certification data to prove our design to one of the world’s toughest and most respected regulators.”
Wall Street’s Take
The stock has a Hold consensus rating based on one Hold assigned in the past three months. Six months ago, Morgan Stanley analyst Kristine Liwag reiterated a Buy rating on the stock with a price target of $16 (182.7% upside potential). Shares of the company have declined more than 46% over the past year.
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