Joby Aviation Stock Is Rising Monday: What's Going On?

Joby Aviation Inc JOBY shares are trading higher Monday. The company announced over the weekend that it reached an agreement to launch an air taxi service in the UAE by early 2026.

What Happened: Joby signed a definitive agreement with Dubai’s Road and Transport Authority (RTA) to bring air taxi services to the region by the beginning of 2026. Joby is currently targeting initial operations as early as 2025.

The agreement provides Joby with the exclusive rights to operate air taxis in Dubai for six years and comes with a variety of support from the RTA including financial mechanisms for entry and maturing of service operations.

“We’re looking forward to delivering an incredible experience for residents and visitors to Dubai as early as 2025 and we’re excited to be laying the groundwork for the expansion of our service across the wider UAE,” said JoeBen Bevirt, founder and CEO of Joby Aviation.

Joby said it also signed an agreement with Skyports to design, build and operate four initial vertiport sites across Dubai. RTA, Joby and Skyports will now focus on areas ranging from customer journey design to stakeholder engagement and the integration of Joby’s service into the wider public transport network in Dubai. 

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JOBY Stock Prediction 2024

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Joby Aviation have an average 1-year price target of $10, representing an expected upside of 56.25%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Joby Aviation, while 1 analyst has a bullish rating. The Street high price target from Cantor Fitzgerald is $10.

JOBY Price Action: Joby Aviation shares were up 8.07% at $6.40 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Joby Aviation.