We recently compiled a list of the 10 Hottest Stocks: What’s Fueling Their Rise. In this article, we are going to take a look at where Joby Aviation Inc. (NYSE:JOBY) stands against the other stocks that skyrocketed yesterday.
Ten companies—predominantly involved in the quantum computing sector—have taken the spotlight on Thursday, booking significant gains despite a lackluster performance from Wall Street’s main indices.
To come up with Thursday’s top gainers, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
A futuristic electric vertical takeoff and landing aircraft soaring through the sky.
Joby Aviation Inc. (NYSE:JOBY)
Joby Aviation (JOBY) registered a 10.9-percent growth in its share price on Thursday to finish the day at $9.16 apiece from the $8.26 close on Tuesday. Year-to-date, the company saw its share price grow by nearly 50 percent.
Analysts pointed to the innovative flying machines, also known as flying taxis, as having perked up the company’s performance, with Joby one of the firms at the forefront of the said technology.
The foundation for air taxis is currently being laid out. In October this year, the Federal Aviation Administration (FAA) released its final Special Federal Aviation Regulation (SFAR) on powered-lift pilot certification and operation which will pave the way for the widespread use of air taxis.
According to Joby, it plans to conduct its first initial flight in Dubai in the first half of 2025, with full commercial operations targeted in the second half of next year.
Overall JOBY ranks 8th on our list of the stocks that skyrocketed yesterday. While we acknowledge the potential of JOBY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than JOBY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
Disclosure: None. This article is originally published at Insider Monkey.