Joby Aviation (JOBY) stock has gained 232% over the past year and 112% year-to-date. On August 6, the aerospace company reported a Q2 net loss of $0.41 per share versus analyst expectations of a $0.19 loss. Joby ramped up aircraft production and testing during the quarter as it works toward a planned commercial launch in 2026, ending Q2 with approximately $991 million in cash. Following the earnings report, two Wall Street analysts downgraded the stock.
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HC Wainwright Lowers Rating After Sharp Rally
HC Wainwright analyst Amit Dayal downgraded JOBY’s rating to Neutral from Buy, pointing out that the stock has already jumped nearly 400% since the firm began covering it last September.
He said the strong rally appears to have priced in major milestones such as FAA certification, key test flights, and production growth, even though these achievements are still several quarters away. As a result, the firm sees limited room for near-term gains.
Canaccord Downgrades Joby on Valuation Pressure
Meanwhile, Canaccord Genuity analyst Austin Moeller also downgraded the rating to Hold from Buy. He called Joby’s current valuation “challenging,” even as the company continues to make progress toward FAA approval and production ramp-up.
The firm maintained its $17 price target, which is slightly below the stock’s current trading level.
Long-Term Outlook Still Positive
While both analysts lowered their ratings, they remain upbeat about Joby’s long-term outlook.
Dayal said the company is still on track for certification and future commercialization, even if the stock may need some time to pull back after its recent surge. Also, Moeller highlighted Joby’s steady execution and production efforts as ongoing strengths, despite the downgrade.
Is JOBY Stock a Good Buy?
Turning to Wall Street, JOBY stock has a Moderate Buy consensus rating based on three Buys, three Holds, and one Sell assigned in the last three months. At $9.14, the average Joby Aviation stock price target implies a 47.01% downside potential.
