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We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Joby Aviation Inc. (NYSE:JOBY) stands against other firms post strong gains amid Wall Street bloodbath.
Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A futuristic electric vertical takeoff and landing aircraft soaring through the sky.
Joby Aviation Inc. (NYSE:JOBY)
Joby Aviation (NYSE:JOBY) saw its share prices grow by 4.48 percent or $0.44 points to finish at $10.27 apiece on Monday as investors continued to place bets following news last week that the US Commerce Department is mulling over banning Chinese drones. The news favored US companies like Joby (NYSE:JOBY) .
In addition, analysts said the company was benefiting from a strong interest in the future of urban air mobility.
Over the past year, the company has already seen more than 63 percent increase in share prices, signaling a strong market belief in the company’s growth potential and its strategic position within the burgeoning industry of electric vertical takeoff and landing (eVTOL) aircraft.
According to Joby Aviation (NYSE:JOBY), it plans to conduct its first initial flight in Dubai in the first half of 2025, with full commercial operations targeted in the second half of next year.
Overall, JOBY ranks 8th on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of JOBY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than JOBY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.