We recently compiled a list of the 10 Firms Mirror Broader Market Downturn Ahead of 2025. In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against the other firms that mirror broader market downturn ahead of 2025.
Ten companies mirrored a wider market downturn on Monday, as investors repositioned their portfolios in preparation for 2025.
On Monday, the Dow shed 0.97 percent or 418 points, while the S&P’s broader index decreased 0.95 percent or 56.48 points. The tech heavy Nasdaq registered the biggest decline, down 1.19 percent or 235.24 points.
In this article, let’s look at why some of the relatively larger-cap companies declined and what dragged down the performance of their shares.
A futuristic electric vertical takeoff and landing aircraft soaring through the sky.
Joby Aviation, Inc. (NYSE:JOBY)
Shares of Joby Aviation, Inc. (NYSE:JOBY) on Monday registered a 6.05-percent decline to finish at $8.39 apiece, primarily due to profit-taking following Friday’s rally. In the past five trading days, shares in the company registered an 8.33-percent increase, while 30-day trading marked a 3.45-percent rally.
Despite the decline, prospects for the company remained strong as the company takes the front seat of innovation with its flying taxis, especially with the recent release of the Federal Aviation Administration’s 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 for its flying taxis in Dubai in the first half of 2025, with full commercial operations targeted in the second half of next year.
Overall, JOBY ranks 10th on our list of firms that mirror broader market downturn ahead of 2025. 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 time frame. 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.
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Disclosure: None. This article is originally published at Insider Monkey.