We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against other firms under tech, energy, and aviation, which led Friday’s rally.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:
To come up with Friday’s top advancers, we considered only the stocks with 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)
Recent pronouncements from the US Commerce Department mulling over banning Chinese drones sent Joby Aviation’s (NYSE:JOBY) share prices jumping by 20.77 percent on Friday to end at $9.77 apiece.
Similar to Archer Aviation, investor sentiment was buoyed by pronouncements of banning Chinese drones as it would favor US companies like Joby Aviation (JOBY).
In addition, analysts said the company was benefitting from a strong interest in the future of urban air mobility.
Over the past year, the company has already seen more than 63 percent increase in share prices, signaling a strong market belief in the company’s growth potential and its strategic position within the burgeoning industry of electric vertical takeoff and landing (eVTOL) aircraft.
According to Joby Aviation (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 3rd on our list of firms under tech, energy, and aviation, which led Friday’s rally. 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.