Joby Aviation Stock: Should You Buy the Dip?

**Joby Aviation **(JOBY 3.50%) stock entered 2026 with high expectations. The electric vertical take-off and landing (eVTOL) company hopes to commence its air taxi operations this year and potentially obtain certification in the U.S. market. But despite these possible milestones, investors don’t appear too excited, at least not yet. As of Monday’s close, the stock is down 22% this year.

The company has some encouraging long-term growth prospects as it looks to be an early leader in the eVTOL market, but investor sentiment seems to have cooled of late. Could this be an opportune time to buy the stock at a reduced price?

Image source: Getty Images.

Multiple catalysts could be coming soon

Last month, Joby released its latest earnings numbers and also gave investors updates with respect to its progress toward launching its operations. The company expects that it will commence air taxi operations in Dubai this year and begin flying its first customers there. It also continues to make progress toward certification with the Federal Aviation Administration (FAA) in the U.S., noting that “all of the aircraft required for Type Inspection Authorization are also now in production.”

Progress on either of these two fronts this year could give the eVTOL stock a boost in the near future and be a clear sign that the business is moving in the right direction. But a rally is by no means a guarantee, as the stock is already fairly highly valued and the market may already be pricing in these developments.

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NYSE: JOBY

Joby Aviation

Today’s Change

(-3.50%) $-0.36

Current Price

$9.91

Key Data Points

Market Cap

$9.9B

Day’s Range

$9.55 - $9.99

52wk Range

$4.96 - $20.95

Volume

1.2M

Avg Vol

25M

Gross Margin

-3006.27%

Why investors may want to hold off on buying Joby’s stock

Joby is making progress with its aircraft, but the reality is that it’s still in the very early innings of growing its operations. While it would be monumental for it to fly its first passengers and to obtain FAA certification, that will simply get it to the starting line. But beyond that, there are bigger questions ahead, such as how strong demand will be for its air taxi services, how much money they will generate, and how long it might take for Joby to turn a profit. Until there’s some clarity about each one of those metrics, there’s bound to be significant risk and volatility with the stock.

Meanwhile, investors are pricing the stock as if its future success is a certainty. With a market cap of around $10 billion, Joby’s valuation is already fairly high for an unproven business. At this type of valuation, there is significant downside risk for investors and virtually no room for error. This is a stock that’s worth watching, but it may be too early to invest in Joby just yet.