Joby Aviation Inc (NYSE:JOBY) is up 5.2% to trade at $9.08 before the bell, after a regulatory filing revealed the company and Toyota Motor (TM) have formed a new manufacturing venture to produce Joby's S4 Series electric vertical takeoff and landing (eVTOL) aircraft. The new Delaware entity, Joby Toyota Aero Manufacturing Preparation Company (JTAMPC), formalizes a structure in which Toyota owns a 51% stake and appoints three of five board members, while Joby retains the remaining 49%.
The stock has had a difficult year so far, carrying a 34.6% year-to-date deficit coming into today. However, this morning's news has JOBY looking to snap a six-day losing streak, and as the quarter winds down, the equity is also on track for its first quarterly win in three.
Wall Street remains cautious. Of the 11 analysts covering the stock, six carry a "hold" rating, while two sport a "buy" or better. This leaves room for upgrades, should the Toyota partnership translate into stronger execution.
Notably, short interest represents 15.2% of JOBY's available float. At the stock's average daily trading pace, it would take more than three days for bearish bets to be covered.
Meanwhile, JOBY sports a Schaeffer's Volatility Scorecard (SVS) of 80 out of 100, indicating the shares have consistently delivered larger moves than options traders have priced in over the past year.
