Joby Aviation (NYSE:JOBY) has made some great strides in the last several months, trying to bring out drone aircraft capable of holding humans and ultimately giving us the closest thing to a flying car that we’ve seen yet. Now, it’s one step closer, as it’s got a new flight test program in mind. Better yet, that was enough to send Joby stock up nearly 3% in the closing minutes of Wednesday’s trading.
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The latest measures have Joby adding human pilots to the roster, with four members of the flight test team already piloting their own flights in “pre-production aircraft.” Several basic maneuvers have already been tested to positive effect, ranging from “free thrustborne hovers” to “semi-thrustborne flight.” Further testing brought in takeoffs and landings, as well as acceleration and moving to normal forward flight. Once concluded, these tests will help provide the basis for certifying the aircraft and getting it ready for work with the Department of Defense.
This comes just days after another landmark development for Joby, with its first delivery of an electric vertical takeoff and landing (eVTOL) vehicle officially delivered to Edwards Air Force Base. Not bad by itself, but it gets better: the delivery came six months ahead of schedule. The second, meanwhile, won’t hit Edwards hangars until sometime in the early days of 2024. Still, all of this goes to show that Joby can deliver.
Is Joby a Good Stock to Buy?
Analysts, however, are somewhat skeptical and torn over Joby’s overall fate. With two Buy ratings, one Hold, and two Sells, Joby Aviation stock stands as a consensus-rated Hold. Neverthless, with an average price target of $8 per share, Joby Aviation stock offers 27.49% upside potential.