TLDR
- ARK Invest purchased Joby Aviation shares in January 2026 while JPMorgan listed it as a top short position
- Goldman Sachs assigned a Sell rating on December 5, 2025, questioning valuation despite industry leadership
- Joby trades at 14x price-to-book versus Archer Aviation’s 3.5x and competitors at 7-8x multiples
- Commercial Dubai operations target late 2026 with Ohio facility scaling to four aircraft monthly by 2027
- Canaccord Genuity held a Hold rating at $17 as analysts remain divided on the eVTOL stock
Wall Street can’t agree on Joby Aviation. The electric aircraft company has become a flashpoint for investors with radically different views.
Cathie Wood added Joby shares through ARK Invest in January 2026. She positioned the stock as a core holding in the ARK Space Exploration & Innovation ETF. Wood’s thesis centers on urban air mobility disruption.
JPMorgan took the opposite approach. The bank included Joby in its top short ideas for 2026. JPMorgan’s research team argues the stock carries an excessive premium for a company still years from profitability.
The company has flown over 40,000 eVTOL miles. It holds partnerships with Toyota, Delta Air Lines, and Uber Technologies. Joby remains a frontrunner in the electric vertical takeoff and landing space.
Analyst Ratings Paint Mixed Picture
Goldman Sachs initiated coverage with a Sell rating on December 5, 2025. Analyst Anthony Valentini recognized Joby’s market position but raised red flags on valuation.
The firm highlighted undisclosed payload specifications. Manufacturing scale remains a work in progress. Goldman also questioned the vertically integrated model that combines manufacturing, supply, and operations.
Austin Moeller from Canaccord Genuity maintained a Hold rating on January 13, 2026. He set a $17 price target. Most analyst consensus leans toward Hold or Reduce recommendations.
Valuation Concerns Drive Short Interest
Joby’s price-to-book ratio sits at 14x. Archer Aviation trades at just 3.5x by comparison. Eve Holding and EHang Holdings come in around 8x and 7x respectively.
The company burns cash heavily with no revenue yet. Investors face ongoing dilution risk as the business scales. JPMorgan’s bearish stance hinges on these fundamental concerns.
The bank believes current prices assume adoption rates and margins that industry forecasts don’t support. They’re betting the timeline to profitability is longer than the market expects.
Operations Timeline Takes Shape
Joby committed to Dubai commercial launches by late 2026. The first vertiport at Dubai International Airport should open by end of Q1.
CAE flight simulators are being installed at the Marina, California facility. These simulators are regulatory requirements for commercial pilot training programs.
The Ohio manufacturing plant covers 700,000 square feet. Current output stands at two aircraft monthly. Management targets four aircraft per month by 2027.
Wood sees transformative technology potential. JPMorgan sees overvaluation before commercialization. The split represents one of 2026’s most polarizing stock debates.
Joby currently operates as a pre-revenue company developing electric air taxis. The stock trades on future potential rather than current earnings.
