The Smart Marty Sky Dispatch
Cathie Wood’s ARK Invest Loads Up On Joby Aviation Stock Ahead Of Florida Air Taxi Flight
Cathie Wood’s ARK Invest bought 263,693 shares of Joby Aviation (JOBY) on Thursday, ahead of the company’s planned electric air-taxi flight across Tampa Bay, Florida, on Friday. The demonstration will retrace the route of the world’s first commercial airl
ARK Invest increased its position in Joby Aviation, purchasing 263,693 shares across two funds, ARKQ and ARKX. The move was valued at roughly $1.3 million based on the last close.
The purchases came ahead of Joby’s planned electric air-taxi demonstration flight that crosses Tampa Bay, Florida, from St. Petersburg. The event aims to retrace the route of the world’s first scheduled commercial airline service from 1914.
Cathie Wood highlighted eVTOL technology’s potential to shorten travel times and reshape urban transportation during the discussion of the stake. She noted that the upcoming demonstration would echo the historic flight route, linking St. Petersburg and Tampa.
Joby Aviation’s stock activity around the announcement showed the shares trading slightly lower overnight, while the company’s week suggested gains as investors weighed the prospects of the upcoming flight and the company’s broader commercialization efforts.
ARK’s buying was described as part of a broader accumulation since the prior Monday, signaling institutional conviction in Joby’s current and upcoming commercial flight trials amid ongoing cash-burn and commercialization pressures.
Joby reported momentum from participation in the FAA’s Electric Powered-lift Integration Program (eIPP), with revenue for the second quarter rising 56% to $39 million. The company is set to disclose third-quarter earnings on November 4.