Joby stock reversed from an early bounce Wednesday after the electric air taxi maker announced an expanded Uber partnership.
Joby Aviation and Uber Technologies on Wednesday announced that the two companies are expanding their global partnership. Under the agreement, Joby will add Blade's air mobility services to the Uber app as early as next year.
Joby recently acquired Blade Air Mobility's passenger business as a wholly-owned subsidiary in a $125 million deal announced last month.
Joby said that the expanded partnership will let Uber users book air taxi flights and coordinate ground transport in one place.
Meanwhile, Blade transported over 50,000 passengers in 2024 and covers high-traffic routes across Southern Europe and the New York metro area, including to the JFK and LaGuardia airports from Manhattan.
Joby said it plans to build on Blade's premium model and customer base, and will add its electric vertical take off and landing (eVTOL) aircraft to Blade's routes. The company's eVTOLs are in the final stages of FAA certification.
Joby Stock
JOBY shares swung about 4.5% higher Wednesday to 14.02, hitting resistance near the 21-day line. Shares reversed to close with a 1.2% decline on Wednesday.
The stock hit a record high of 20.95 on Aug. 4 before retreating back below its 50-day moving average. Still, Joby stock has rallied more than 63% this year through Tuesday.
Uber lost 1.3% to 94.21 Wednesday. Uber stock is trading below a 97.54 buy point for a cup-with-handle base. Shares broke the downtrend of the handle on Tuesday and is still holding near that early entry. Shares have advanced 56% in 2025.
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