New York, June 25, 2026, 14:03 (EDT)
- Joby Aviation (NYSE:JOBY) dropped 4.6% to $8.86 early afternoon in New York. Trading volume was higher than its 65-day average.
- Two-session turnover hit around 85 million shares by early Thursday afternoon, or about 13.6% of the public float.
- The stock was down roughly 22% from Joby’s February equity-sale price and 11% from the first Delta warrant exercise price.
Joby Aviation, Inc. (NYSE:JOBY) slid 4.6% to $8.86 as of 1:47 p.m. EDT Thursday, adding to Wednesday’s losses. Trading was busy with 34.81 million shares changing hands, or 116% above the 65-day average. The stock traded as low as $8.79 and as high as $9.40 during the session.
Turnover picked up. Yahoo Finance data put Wednesday’s JOBY volume at 50.6 million shares, with the stock closing at $9.28, down from $9.55 Tuesday. Counting Thursday’s early afternoon trades, about 85 million shares moved in less than two sessions, or about 13.6% of the 629.73 million-share float listed by MarketWatch.
The slide is coming in below new capital levels, not just off the old highs. Joby raised $576.3 million net in February, selling 52.9 million shares at $11.35 each. Shares at $8.86 are trading almost 22% under that price.
The price also stayed under the $10 first-tranche warrant exercise price that’s connected to Delta Air Lines, Inc. (NYSE:DAL). In a filing, Joby said Delta picked up that tranche for 7 million shares back in January when a milestone was reached.
Joby is moving the bar for its next financing. The company said the capped-call deals attached to its 2032 notes start with a strike of $14.19, capped at $22.70. The stock closed Thursday about 38% under the strike.
Joby isn’t trading like it’s about to hit a funding wall, thanks to its balance sheet. As of March 31, the company reported $875.4 million in cash, cash equivalents and restricted cash, plus $1.59 billion in short-term marketable securities. That’s $2.47 billion on hand, ahead of what it will spend in the second quarter. Joby said that should last at least the next 12 months for working capital and capital spending.
Joby’s cash and investments made up around 28% of its $8.72 billion equity value listed on Google Finance. That cushion, after subtracting the $690 million in 2032 notes from February, came to about $1.78 billion before the company dipped into cash in the second quarter.
Losses are the problem. Joby reported Q1 revenue of $24.25 million, with most of that coming from Blade’s passenger business, but its net loss grew to $109.95 million from $82.41 million a year ago.
Joby Aviation still has some operating catalysts ahead. In May, the company announced its first FAA-conforming aircraft under Type Inspection Authorization took flight and that it wrapped up the SR3 audit with the FAA. CEO JoeBen Bevirt called it “the clearest path we’ve ever had to beginning passenger operations.” Joby Aero, Inc.
Analyst targets on JOBY are still running ahead of the share price. Google Finance lists six ratings: two at Buy, three at Hold, and one Sell. The average target for the next year comes in at $13.90, with $9.00 as the lowest—still a bit higher than where the stock closed Thursday.
