Why Joby Aviation, Inc. (NYSE:JOBY) Skyrocketed on Friday

We recently published a list of 11 Firms Under Tech, Energy, Aviation Lead Friday Rally. In this article, we are going to take a look at where Joby Aviation, Inc. (NYSE:JOBY) stands against other firms under tech, energy, and aviation, which led Friday’s rally.

Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.

The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.

Eleven companies—predominantly in the technology, energy, and aviation sectors—posted notable gains. Here is why:

To come up with Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Joby Aviation Inc. (JOBY) Among Firms Under Tech, Energy, Aviation that Led Friday Rally?

A futuristic electric vertical takeoff and landing aircraft soaring through the sky.

Joby Aviation, Inc. (NYSE:JOBY)

Recent pronouncements from the US Commerce Department mulling over banning Chinese drones sent Joby Aviation’s (NYSE:JOBY) share prices jumping by 20.77 percent on Friday to end at $9.77 apiece.

Similar to Archer Aviation, investor sentiment was buoyed by pronouncements of banning Chinese drones as it would favor US companies like Joby Aviation, Inc. (NYSE:JOBY).

In addition, analysts said the company was benefitting from a strong interest in the future of urban air mobility.

Over the past year, the company has already seen more than 63 percent increase in share prices, signaling a strong market belief in the company’s growth potential and its strategic position within the burgeoning industry of electric vertical takeoff and landing (eVTOL) aircraft.

According to Joby Aviation (NYSE:JOBY), it plans to conduct its first initial flight in Dubai in the first half of 2025, with full commercial operations targeted in the second half of next year.

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Disclosure: None. This article is originally published at Insider Monkey.