- ARK Invest bought 263,693 Joby shares for a potential $1.3 million.
- Cathie Wood highlighted eVTOL technology’s potential to cut travel times.
- Joby plans to retrace the historic 1914 St. Petersburg-to-Tampa commercial flight route with its electric aircraft.
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 airline flight as Joby showcases its eVTOL (electric vertical takeoff and landing) technology.
Joby Aviation stock traded over 1% lower overnight, ahead of Friday. The stock is on track for its best week since August, gaining 6.7%.
ARK Accelerates Joby Buying Spree
ARK Invest purchased JOBY shares through two of its exchange-traded funds (ETFs), ARK Autonomous Technology & Robotics ETF (ARKQ) and ARK Space Exploration & Innovation ETF (ARKX). ARKQ acquired 180,133 Joby shares, while ARKX added another 83,560 shares. Together, the funds bought 263,693 shares of the electric aviation company for a potential $1.3 million, based on the stock’s last close.
Coming immediately after a multi-million-dollar worth of accumulation since Monday, the aggressive buying spree signals institutional conviction in the company’s commercial flight trials, even as Joby faces cash burn and commercialization pressure.
Joby Revisits Historic Aviation Route
On Friday, Joby is planning an electric flight demonstration that will take the aircraft from St. Petersburg across Tampa Bay to Tampa, following the path of the world’s first scheduled commercial airline service, which began in 1914…