Cathie Wood Is Doubling Down on Joby Aviation Stock. Is JOBY a Buy for March 2026?

Joby Aviation (JOBY) continues to show measured technical progress even as capital requirements remain front and center. The electric vertical take-off and landing (eVTOL) developer recently priced a roughly $1.2 billion mix of common stock and convertible notes to fund certification efforts and scale production. 

However, the weakness has not gone unnoticed. ARK Invest (ARKK), led by Cathie Wood, adjusted positions across its exchange-traded funds last week and added over 27,000 shares of Joby Aviation. 

Wood has long backed the broader theme of flying cars and advanced air mobility, consistently allocating capital toward disruptive transportation technologies such as electric aviation, autonomous systems, and urban air mobility platforms. The timing also aligns with improving regulatory visibility.

Recently, Joby secured a place in a White House-backed pilot program designed to fast-track electric air taxi operations across 10 states. The Department of Transportation’s initiative could allow early commercial flights ahead of full Federal Aviation Administration (FAA) certification, opening initial pathways across urban transport and emergency medical services.

With fresh capital in place, institutional support holding steady, and regulatory pathways beginning to open, the broader narrative is starting to come together.

About Joby Aviation Stock

Headquartered in Santa Cruz, California, Joby Aviation is at the intersection of aviation and clean technology. The company develops eVTOL aircraft aimed at reshaping urban mobility. 

With a market cap of about $9 billion, it focuses on designing, manufacturing, and eventually operating quiet, zero-emission air taxis through integrated ride-sharing ecosystems and strategic partnerships.

The stock tells a two-sided story. Joby’s shares have declined 26.3% over the past three months, reflecting dilution concerns and capital intensity. Yet, zooming out, it has gained 51.24% over the past year, suggesting that long-term investors still see the runway ahead.

Valuation remains a sticking point. JOBY stock is trading at 85.16 times sales, a figure sitting far above the industry benchmark, signaling a premium.

Joby Aviation Surpasses Q4 Earnings

On Feb. 25, Joby Aviation delivered fourth-quarter 2025 results that exceeded expectations on key metrics. The market took notice, lifting the stock 1% on the day and another 4.2% in the following trading session. Revenue reached $30.84 million, comfortably ahead of the $16.88 million analyst estimate, marking a substantial year-over-year (YOY) expansion.

Also, losses moved in the right direction. Net loss narrowed 50.7% YOY to $121.5 million, while EPS improved 58.8%, coming in at a loss of $0.14 and beating expectations of a $0.20 loss per share. 

Liquidity provides a buffer. Joby Aviation ended the quarter with $1.41 billion in cash, equivalents, and marketable securities. However, the burn rate remains significant. Management expects cash usage between $340 million and $370 million through the first half of 2026, underscoring the capital-heavy nature of scaling aviation technology. 

Expansion plans add another layer to the story. The company has signed an agreement to acquire a 700,000+ square foot manufacturing facility in Dayton, Ohio. The move supports its goal of reaching four aircraft per month by 2027, which would bring commercialization closer to reality. 

Further, management has guided for full-year 2026 revenue between $105 million and $115 million, pointing to gradual but steady top line growth.

Looking ahead, analysts expect near-term pressure. Fiscal 2026 Q1 loss per share is projected to widen 16.7% YOY to -$0.21. For full-year 2026, losses are expected to narrow 6.8% to -$0.82, followed by a further 8.5% improvement to -$0.75 the fiscal year 2027. 

What Do Analysts Expect for Joby Aviation Stock?

Analyst sentiment reflects cautious optimism. HC Wainwright’s Amit Dayal upgraded the stock from a 'Neutral' to “Buy” rating and set a price target of $18, marking a notable shift in stance. Needham’s Chris Pierce maintained a “Buy” rating but trimmed the target from $22 to $18, signaling confidence but with a measured tone.

Overall, Wall Street leans neutral, assigning JOBY stock an overall rating of “Hold.”  Among 11 analysts, one calls it a “Strong Buy,” one assigns a “Moderate Buy,” six suggest “Hold,” and three flag a “Strong Sell.”

To that end, the average price target of $11.94 implies potential upside of 21%, while the Street-high target of $18 points to a possible gain of 82.6% from current levels.