JOBY Stock Heads For Weekly Loss: Cathie Wood Scoops Up 835K Shares In 3-Day Buying Spree

A better-than-expected quarterly result and confirmation that the first FAA-conforming aircraft was ready to fly have boosted some investor optimism on Joby.

• On Thursday, ARK bought a total of 94,034 shares of Joby Aviation, with 60,829 shares purchased by its ARKQ ETF and 33,205 shares purchased by its ARKX ETF.
• Wood’s Ark Investment on Wednesday bought 201,850 shares of Joby and on Tuesday purchased around 539,131 shares of the electric air taxi maker.
• On Wednesday, Joby and Uber announced that Uber Air would give riders a first look at booking a Joby Aviation all-electric air taxi directly in the Uber app.

Joby Aviation stock jumped nearly 2% in overnight trading on Friday after Cathie Wood’s Ark Investment Management, in its third straight buying session, snapped up over 94,000 shares of the electric air taxi firm on Thursday.

The stock has, however, declined 4.5% so far this week, compared to the 2% gain in the prior period, when the company topped fourth-quarter results on the back of ramping up production and the first FAA-conforming aircraft being ready to fly.

Cathie Wood’s JOBY Buying Streak

On Thursday, ARK bought a total of 94,034 shares of Joby Aviation, with 60,829 shares purchased by its ARKQ ETF and 33,205 shares purchased by its ARKX ETF, according to the Ark Invest Tracker on X. 

As per Joby Aviation's last closing price of $9.61, Wood invested $906,666 in the company. Wood’s Ark Investment on Wednesday bought 201,850 shares of Joby and on Tuesday purchased around 539,131 shares of the electric air taxi maker.

Wood’s Ark has bought over 835,000 shares of Joby in total this week, at a value of $8.02 million as of the last close price.

JOBY’s Strong Results: The Driver?

Last week, CEO JoeBen Bevirt said that the first FAA-conforming aircraft was ready to fly, and Joby has all of the aircraft it intends to use for Type Inspection Authorization (TIA) testing in production.

He added that the company was seeing “unprecedented demand” for what it was building. On Wednesday, Joby and Uber announced that Uber Air would give riders a first look at how they can book a Joby Aviation all-electric air taxi directly in the Uber app. Joby said it expects to carry its first passengers in Dubai later this year.

How Are Retail Users Reacting?

Retail sentiment on Joby Aviation has dipped to ‘bearish’ from ‘bullish’ a week ago, with message volumes at ‘low’ levels, according to data from Stocktwits.

“Ark also bought EDIT, CRSP, NTLA, BEAM, DNA PACB, and many other gene editing stocks as they were skyrocketing in 2020 and 2021. Investing in potential game-changing speculative companies and industries is what they do, it by no means guarantees each company will be successful. If one hits big (say $JOBY does), Ark does well,” a bullish user on Stocktwits said.

Shares of Joby Aviation have gained nearly 42% in the last 12 months.

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