Investing.com - Canaccord Genuity lowered its price target on Joby Aviation Inc (NYSE:JOBY) to $15.50 from $17.00 while maintaining a Hold rating. The new target still represents potential upside from the current price of $10.73, though InvestingPro data shows the stock has fallen 21.6% in just the past week.
The electric air taxi developer recently completed equity and convertible debt offerings that raised $1.29 billion in new capital, according to Canaccord Genuity analyst Austin Moeller.
Joby offered 52,863,437 shares of common stock at $11.35 per share, raising $600 million, with a greenshoe option to purchase an additional 7,929,515 shares within 30 days that could bring the stock offering's total to $690 million before underwriting fees.
The combined equity and convertible debt offerings are expected to raise $1.38 billion in gross proceeds including the greenshoe option, significantly improving Joby's liquidity position.
With approximately $1.4 billion in cash as of December 31, 2025, the new capital increases Joby's available liquidity to about $2.8 billion before transaction fees, providing a multi-year cash runway as the company continues funding certification and manufacturing efforts. InvestingPro analysis shows Joby holds more cash than debt on its balance sheet with a current ratio of 13.61, though analysts don't expect profitability this year.
In other recent news, Joby Aviation announced it has successfully priced concurrent public offerings totaling approximately $1.2 billion, surpassing its initial target of $1 billion. This includes $600 million in convertible senior notes due 2032 and 52,863,437 shares of common stock priced at $11.35 per share. The company plans to use these funds to support certification, manufacturing efforts, and prepare for commercial operations. Additionally, Joby Aviation has signed an agreement to acquire a new manufacturing facility in Dayton, Ohio, which will help double its production capacity by 2027. In a strategic move, Joby Aviation has also partnered with Metropolis Technologies to develop 25 vertiports across the United States. This collaboration will leverage Metropolis's AI-based recognition technology and network of parking locations. These developments signal Joby Aviation's ongoing efforts to expand its infrastructure and operational capabilities.