Joby Aviation (NYSE:JOBY), an electric vertical take-off and landing (eVTOL) aircraft company, has been making waves this year. Its shares have surged by approximately 80% year-to-date (YTD). The company recently made headlines by initiating the first-ever electric air taxi flight in New York City. Furthermore, Joby has plans in the pipeline with Delta Airlines (NYSE:DAL) to make NYC one of its early launch markets, contingent on the receipt of Federal Aviation Administration (FAA) certification. The company’s aircraft has already completed 84% of the requirements for FAA Stage 3 certification.
Joby’s aircraft has been in testing since 2017, logging more than 30,000 miles. The majority of these miles have been flown remotely via a ground control station (GCS). However, the company announced last month that it had started flight testing with a pilot on board. By 2025, Joby aims to launch a commercial service to the public.
The company is also making strides in aircraft production. As per its third-quarter earnings report, three aircrafts are currently being manufactured at its Pilot Production Facility.
Despite these positive developments, the question remains: are institutional investors convinced? Institutional ownership is a crucial factor, as these large investors provide liquidity and support for stocks. During Q3, 182 13F filers disclosed a stake in JOBY stock, marking an increase of 16 filers from the previous quarter. These filers own 251.69 million shares, a significant increase of 28.76% from 195.48 million shares last quarter. This uptick in both filers and shares owned suggests a bullish sentiment among institutional investors.
The institutional put/call ratio also supports this bullish tone, coming in at 0.81 at the end of the third quarter. This equates to 3.79 million calls and 3.05 million puts.
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