Wall Street Divided on Joby Aviation as Cathie Wood Bets Against JPMorgan Short

Joby Aviation has become a battleground stock, with ARK Invest's Cathie Wood and JPMorgan taking opposing positions. Wood's January 2026 purchase for the ARK Space Exploration & Innovation ETF contrasts sharply with JPMorgan's thematic short recommendation, creating a rare Wall Street divergence on an eVTOL pioneer.

The company's 14x price-to-book ratio draws skepticism despite its technological lead, with Goldman Sachs initiating coverage at Sell and Canaccord Genuity maintaining a Hold rating. Joby's 40,000 test miles and partnerships with Toyota and Delta Air Lines underscore its first-mover advantage, even as analysts debate its path to commercial viability.

Dubai's planned late-2026 launch and Ohio production scaling to four aircraft monthly by 2027 present concrete milestones. These developments frame the central tension: whether Joby's premium valuation reflects disruptive potential or underestimates the challenges of certifying and scaling aerial mobility solutions.