Is Joby Aviation Stock a Buy Now?
The eVTOL aircraft maker still isn't impressing the market.
Joby Aviation (NYSE: JOBY) has disappointed a lot of investors since its public debut. The developer of electric vertical takeoff and landing (eVTOL) aircraft went public by merging with a special purpose acquisition company (SPAC) on Aug. 10, 2021. The combined company's stock opened at $10.62 on the first day.
But as of this writing, Joby's stock only trades at about $6. Its stock fizzled out as it missed its own pre-merger targets, barely generated any revenue, and racked up steep losses. Rising interest rates exacerbated that pressure by driving investors away from speculative SPAC-backed companies. So, should investors still buy Joby's unloved stock as a contrarian play today?
Image source: Joby Aviation.
