Joby Aviation, Inc. (NYSE:JOBY) heads into Wednesday’s after-the-bell print with the options market pricing in a wild ride, and the crowd is split on which way it breaks.
The options market is pricing in an implied move of roughly 11.75% in either direction following tonight’s report, according to Benzinga Pro data. Traders expect real volatility once the numbers and the certification update hit the tape.
- JOBY stock is moving ahead of earnings. See the chart and price action here.
Short Interest Keeps Climbing
Short sellers haven’t backed off. In fact, Benzinga’s short-interest data shows the count climbing from 99.79 million to 109.76 million, pushing short interest to 16.73% of available shares.
At current volume, covering those short positions would take 2.43 days without sending the stock sharply higher.
Wall Street is not expecting good news on Joby’s Q2 fundamentals. Consensus calls for a loss of 23 cents per share on revenue of $30.38 million, according to Benzinga Pro estimates.
Joby cleared the bar last quarter, posting an EPS loss of just 12 cents on $24.25 million in revenue, an eight cent beat. A repeat beat tonight could be the spark that squeezes the short sellers.
Analysts Still Lean Bullish
Analysts, meanwhile, are still leaning bullish on paper. Benzinga’s data shows a consensus Buy rating across six analysts, with an average price target of $12 implying 55.6% upside from current levels.
The gap between where the stock trades and where analysts think it’s headed gives shorts extra reason to sweat a good print.
The numbers won’t be the only catalyst on Wednesday night. Joby has spent 2026 racing through FAA type certification, clearing Stage 4 in March and moving into for-credit flight testing with FAA pilots at the controls, the final phase before a type certificate.
Management has pointed to a late-2026 commercial launch target, though outside analysts see a real chance the timeline slips into 2027. Any update on Stage 5 progress, TIA flight testing, or the air carrier certificate process could move the stock as much as the headline loss and revenue figures.
Cash burn is another line item worth flagging. Joby closed the first quarter with $2.5 billion in cash, cash equivalents and short-term investments, giving it a long runway even as losses continue.
A faster or slower burn rate than expected could shift the conversation from certification hype to balance-sheet math fast.
Heavy short interest, a soft consensus bar Joby has beaten before and a market bracing for a double-digit swing after the close make for a setup built for fireworks in either direction.
JOBY Stock Price Activity: Joby stock was down 0.94% at $7.89 at the time of publication Wednesday, according to Benzinga Pro.
Photo courtesy of Joby Aviation, Inc.
Login to comment