Also last month, Cathie Wood's Ark Invest bought 304,000 shares of Joby, which could help bring investors into the stock, especially those who follow her closely. Earlier in November, Joby began construction of its first vertiport the Dubai market, making progress on what could be a valuable eVOTL market.

Needham has initiated coverage of the aviation sector, delivering a bullish outlook on Joby (JOBY) and Archer Aviation (ACHR) with Buy ratings. The firm sees Joby as best positioned to capture early market share in air taxi development.

Needham gave the stock a buy rating and a price target of $11, noting that industry momentum had reached a tipping point. Analyst Chris Pierce also said its $6 billion order book thanks to customers like United Airlines gave it confidence in the stock, and it saw a path to $3 billion in annual revenue.