Joby Aviation (JOBY) shares are in focus on April 29 after conducting its first-ever point-to-point eVTOL test flights across New York City, taking another major step toward commercial reality.
JOBY has recently ripped through its 20-day moving average (MA), which, together with an RSI in the late 40s, indicates significant room for continued gains ahead.
At the time of writing, Joby Aviation stock is down about 45% versus its year-to-date high.
Significance of NYC Test Flights for Joby Aviation Stock
JOBY’s latest demonstration in NYC is a major win because it proves the company’s eVTOL can seamlessly integrate into the world’s most complex FAA-controlled airspace.
Its aircraft flew from JFK International Airport directly to Manhattan’s Downtown Skyport in less than seven minutes, about 90% faster than ground travel.
This validates the operational maturity of Joby Aviation’s quiet, electric propulsion system in the high-density urban environment.
For investors, these test flights showcase tangible evidence that JOBY stock is leading the race to capture the lucrative NYC air taxi market, supported by the federal eVTOL Integration Pilot Program (eIPP).
HCW Analyst Says JOBY Shares Could Double From Here
Despite significant gains in April already, senior H.C. Wainwright analyst Amit Dayal continues to recommend buying Joby Aviation shares at current levels.
In a recent research note, Dayal cited the company’s industry-leading certification progress and its fortified balance sheet as he maintained a “Buy” rating on the eVTOL specialist.
According to him, JOBY’s strategic partnerships with the likes of Toyota (TM) and Delta Air Lines (DAL) offer a manufacturing and commercial scale that’s hard for rivals to replicate.
In short, as Joby Aviation transitions from testing to revenue generation in late 2026, Dayal expects a massive valuation rerating that may drive its share price up to $18.
His price objective signals potential for an exciting 100% upside from here.
How Wall Street Recommends Playing Joby Aviation
While not nearly as bullish as HCW, other Wall Street firms also view JOBY shares as undervalued.
According to Barchart, while the consensus rating on Joby Aviation sits at “Hold” only, the mean price target of $11.81 suggests potential upside of more than 30% from current levels.
