Joby Aviation Stock Is Flying Today: What’s Driving The Action? – Joby Aviation (NYSE:JOBY)

Joby Aviation Inc JOBY shares are trading higher Wednesday after the company announced the closing of a $250 million investment from Toyota Motor Corp TM.

What Happened: Electric vertical take-off and landing (eVTOL) air taxi company Joby announced that it closed on the first $250 million tranche of its previously announced strategic investment from Toyota, strengthening the long-term collaboration between the two companies.

The funding is expected to support certification and commercial production of Joby’s electric air taxi and also brings the companies closer to a strategic manufacturing alliance.

“We’re already seeing the benefit of working with Toyota in streamlining manufacturing processes and optimizing design,” said JoeBen Bevirt, founder and CEO of Joby.

“This is an important next step in our alliance with Toyota to scale the promise of electric flight. With this capital and Toyota’s legendary production expertise, we’re enhancing our ability to scale cutting-edge design and manufacturing to meet the demands of our partners and customers.”

See Also: Turbulence for Joby Shares: What’s Behind the Recent Dip?

Is JOBY A Good Stock To Buy?

An investor can make a few decisions when deciding whether a stock is a good buy. In addition to valuation metrics and price action which you can find on Benzinga’s quote pages – like Joby Aviation‘s page for example – there are factors like whether or not a company pays a dividend or buys a large portion of its stock each quarter.

These are known as capital allocation programs. Joby does not pay a dividend, but obviously has a few ways it can return value to shareholders. Feel free to search Benzinga’s dividend calendar for the next company that is due to pay a dividend and determine what kind of yield you can earn for holding a share of the company.

Buyback programs are obviously different and highly variable. A company can approve a buyback program and purchase shares as it sees fit over the course of time in which the buyback was authorized. Looking through the latest news on Joby Aviation will often yield whether or not the company has approved a buyback program recently. Buyback programs usually serve as a support for share prices, serving as a backstop for demand.

JOBY Price Action: Joby has a 52-week low of $4.66 and a 52-week high of $10.72. Joby Aviation shares were up 13.9% at $7.83 at the time of publication Wednesday, according to Benzinga Pro.

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Photo: courtesy of Joby Aviation.