$JOBY - Soaring High or Stuck in a Holding Pattern?

Before I sat down and starting writing this trade highlight, I had no clue what JOBY 0.00%↑ did so I had to take a look after seeing two days of cumulative bullish flows hit the tape.

Joby is a California-based company building quiet, all-electric aircraft to connect people like never before. With up to 100 miles of range and the ability to take off and land vertically, the Joby aircraft will change the way we move while reducing the acoustic and climate footprint of flight.

Our long-term vision is to build a global passenger service that helps the world connect with the people and places that matter most, while helping to protect our precious planet. As well as strategic partnerships with Toyota, Delta, Uber, and many more, we have a team of more than 1700 engineers and experts working to bring aerial ridesharing to our skies.

News

This headline came out yesterday, “Toyota To Invest $500 Million in Joby Aviation.”

https://ir.jobyaviation.com/news-events/press-releases/detail/107/toyota-to-invest-500-million-in-joby-aviation.

Chart

Targets are merely up with a pretty wide stop given the volatility of this company. Feel free to move stops around but I see this trade as a very high risk/reward (5:1 using a really wide stop).

Flows

First, I’m going to show the premium multiples that have started to roll in after the TM 0.00%↑ investment announcement.

10/2/2024

Nice daily premium multiple (but this was after the announcement) and most of the flow was <10/18/2024. Nothing really super dated - there was some decent 6P sales for 11/15 (600 volume) but nothing to write home about.

10/3/2024

Again more bullish premium (shorter dated).

Looking at the IV, these were sold (check OI tomorrow morning). The shorter dated OCT flows were ATM (6Cs) so nothing dated.

These put sales should mark the bottom in this stock so it can climb.

How would I play this to target the upper targets?
Commons
4/17/2025 6Cs (7s are too expensive).

Feel free to degen shorter dated options if you want. I’d imagine a daily break over that imaginary line sends it to 7 very quickly.