Joby Aviation Shares Plummet 5.44% to $0.44 Billion in 247th Trading Volume Amid Analyst Downgrades and Widening Losses as Post-Earnings Rally Sparks Caution Over Valuation and Long-Term Viability in eVTOL Sector

On September 2, 2025, Joby Aviation (JOBY) closed down 5.44% with a trading volume of $0.44 billion, ranking 247th in market activity. The decline followed analyst downgrades and disappointing earnings results, signaling renewed investor caution toward the electric air taxi developer.

Canaccord analyst Austin Moeller downgraded the stock to "Hold" from "Buy," adjusting the price target to $17 from $12. HC Wainwright also revised its rating to "Neutral" from "Buy," setting a $10.25 target, citing mixed reactions to Joby’s Q2 performance. The company reported a $0.41-per-share loss, far exceeding the $0.19 deficit forecast by FactSet, driven by rising operational costs and scaling challenges despite $136,000 in revenue.

Joby’s financials highlight a current ratio of 17.2 and a gross margin of 77.6%, underscoring liquidity strength and potential efficiency gains at scale. However, a price-to-sales ratio above 89,000 and a price-to-book ratio of 13.48 have fueled debates over valuation sustainability. Analysts note that while R&D investments reflect long-term innovation bets, near-term profitability remains distant without tighter cost controls.

Post-earnings, shares rebounded 2% in after-hours trading, suggesting lingering optimism about future market potential. Yet, the downgrades and widened losses have intensified scrutiny over capital allocation and competitive positioning in the nascent eVTOL sector.

Backtest results indicate that historical trades based on analyst ratings and earnings surprises showed mixed outcomes, with no consistent pattern in short-term price direction following similar events. Long-term performance remains tied to regulatory progress, infrastructure development, and demand for urban air mobility solutions.