Shares of electric vertical take-off and landing (eVTOL) air taxi company Joby Aviation (JOBY) are flying higher on Friday, sending shares to a new 52-week high. The stock was up 19.41% as of this writing, which priced shares at $9.66. That beats its previous high of $9.16, which was reached in late December.
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Interestingly, the rally of JOBY stock today comes without increased interest from investors. Typically this type of movement would run alongside heavy trading of the company’s shares, but only 13.19 million have changed hands as of this writing. For the record, that’s still below its three-month daily average trading volume of 19.52 million shares.
What’s Behind the JOBY Stock Rally Today?
There’s no news acting as a catalyst for the Joby Aviation rally on Friday. However, investors appear hopeful about the company’s plans to launch an air taxi service in the U.S. Late last month the company confirmed it’s in the final phase of the Federal Aviation Administration’s (FAA) certification program after conducting its first Type Inspection Authorization (TIA) test.
It also bears mentioning that JOBY stock has a bit of a meme following behind it. While the company’s plans for an air taxi service are based in reality, sometimes its investors can get caught up in meme trading hype. Traders will want to keep that in mind alongside today’s rally.
Is JOBY Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Joby Aviation is Moderate Buy based on four Buy, two Hold, and one Sell ratings over the last three months. With that comes an average price target of $7.39, a high of $10, and a low of $4. This represents a potential 23.02% downside for JOBY shares.
