There are story stocks and then there are story stocks, where vast future potential overshadows the current revenues the company is delivering. Count Joby Aviation (NYSE:JOBY) among those that are trading at levels that factor in plenty of blue skies ahead.
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Forget margin or options. Here's how the pros trade JOBYIndeed, a company that has guided for $105 to $115 million in 2026 sales and possesses a market cap of ~$10 billion is clearly reveling in rosy projections going forward. That’s a steep multiple any way one slices it.
Bulls, of course, note that the company is racing toward a lucrative horizon. According to Grand View Research, the eVTOL market could hit some $28.6 billion by the end of the decade. For its part, Joby is making regulatory progress with the Federal Aviation Administration, having reached Stage 5 (the Show & Verify phase) with the regulator. It has also inked a number of commercial partnerships (including Delta Airlines).
Moreover, while it had a net loss of $110 million in Q1 2026, Joby had a $2.5 billion stockpile at the end of the last quarter. In other words, its runway is formidable.
So, should investors fasten their seatbelts and prepare for takeoff? Not according to investor Justin Pope, who urges a more tempered approach.
“It seems holding for now is the best move for most investors, who may see better buying opportunities as the stock inevitably fluctuates,” states the 5-star investor.
It’s not only that Pope believes that shares are “far too expensive,” though that is a concern. The investor worries that the company’s ascent to profitability is too uncertain, while JOBY’s ultimate valuation remains a mystery.
In addition, while it doesn’t have a ton of company up in the skies, it’s not flying solo. Pope points out that there are other potential competitors (he namechecks Archer Aviation, for instance) that are looking to carve out portions of the market.
In short, don’t get caught up in the clouds, sums up Pope.
“There could be lots of downside risk to Joby’s current valuation, or, at the very least, shares could remain volatile for the foreseeable future,” he adds. “Joby Aviation is a hold right now.”(To watch Pope’s track record, click here)
Wall Street seems to be reading from the same playbook. With 2 Buys, 4 Holds, and 3 Sells, JOBY carries a consensus Hold (i.e., Neutral) rating. Its 12-month average price target of $11.79 points to an upside of ~20%. (See JOBY stock forecast)
Disclaimer: The opinions expressed in this article are solely those of the featured investor. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.