Joby Aviation, Inc. (JOBY) Moves 11.8% Higher: Will This Strength Last?

Joby Aviation, Inc. (JOBY) shares ended the last trading session 11.8% higher at $10.55. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 20.7% gain over the past four weeks.

Shares of the company rose following the announcement that it completed a series of test flights in Dubai. The company aims to revolutionize travel in Dubai while reducing traffic congestion.

This company is expected to post quarterly loss of $0.19 per share in its upcoming report, which represents a year-over-year change of -5.6%. Revenues are expected to be $0.05 million, up 66.7% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Joby Aviation, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on JOBY going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Joby Aviation, Inc. is part of the Zacks Transportation - Airline industry. Surf Air Mobility Inc. (SRFM), another stock in the same industry, closed the last trading session 12.8% higher at $3.69. SRFM has returned 40.3% in the past month.

For Surf Air Mobility Inc., the consensus EPS estimate for the upcoming report has changed -0.4% over the past month to -$0.91. This represents a change of +53.6% from what the company reported a year ago. Surf Air Mobility Inc. currently has a Zacks Rank of #2 (Buy).

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This article originally published on Zacks Investment Research (zacks.com).

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