Stock Market Today, June 15: Joby Aviation Jumps on Positive Consumer Sentiment on eVOTLs
Written by Josh Kohn-Lindquist for The Motley Fool -> Joby Aviation (NYSE:JOBY) , an electric air-taxi (eVOTLs) developer, closed Monday at $9.69, up 5.85%. The stock is reacting to a recent Jefferies consumer survey on eVOTLs. Investors are watching how quickly eVOTLs will be a
Joby Aviation (NYSE:JOBY) , an electric air-taxi (eVOTLs) developer, closed Monday at $9.69, up 5.85%. The stock is reacting to a recent Jefferies consumer survey on eVOTLs. Investors are watching how quickly eVOTLs will be adopted by the public -- and just how much they’re willing to pay per trip. Trading volume reached 50.8 million shares, about 82% above its three-month average of 27.9 million shares. Joby Aviation IPO'd in 2020 and has fallen 8% since going public.
The S&P 500 rose 1.67% to 7,555, while the Nasdaq Composite gained 3.07% to finish at 26,684. Within airports & air services names, Archer Aviation closed at $5.55, up 9.25%, and Eve finished at $2.93, adding 8.12% as eVTOL interest stayed elevated.
Findings from a Jefferies consumer survey on eVOTLs emerged today, showing that 50% of the public know what eVOTLs are and that a surprising 79% of respondents expressed some degree of interest in trying the new “flying taxis.” Only 21% of respondents were not interested in the prospect of riding in one.
The survey also showed that riders were willing to pay roughly $91 for a 15-minute flight to save 45 minutes on a trip. An analyst with Jefferies explained that this was similar to upscale rideshare pricing, but delivered improved time savings, which likely prompted today’s share price move higher.
While this seems like promising data for Joby, the company is still in the early innings of scaling its manufacturing, network, and operations, so interested investors need to be braced for volatility and be willing to hold for at least five to ten years.
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