Joby Aviation, Inc. (Joby Aviation (JOBY)) shares were up in Wednesday's premarket session after the company finalized a multi-year agreement with Virgin Atlantic to launch electric air taxi services in the UK. The stock rose 3.92% to $7.96 in early trading, according to market data.

Exclusive UK Partnership

Under the deal, Virgin Atlantic will be Joby's exclusive airline partner in the UK. The airline will integrate the air taxi service into its website and mobile app, allowing customers to book flights alongside long-haul tickets. Joby plans to launch initially around London Heathrow and Manchester Airport, with proposed routes like Heathrow to Central London in as little as eight minutes and Manchester Airport to Leeds in about 15 minutes. Expansion to other UK cities is planned later.

Joby will operate the aircraft, manage routes, and handle UK regulatory approvals. Virgin Atlantic will support airport integration, customer acquisition, and infrastructure development. The agreement formalizes a partnership first announced in 2025 and builds on Joby's existing arrangement with Delta Air Lines Inc. (Delta Air Lines (DAL)), which owns a 49% stake in Virgin Atlantic.

"This agreement marks an exciting next chapter in our partnership with Joby and a significant step towards bringing electric air taxi services to the UK," Virgin Atlantic CEO Corneel Koster said. Joby CEO JoeBen Bevirt added that the partnership could create significant opportunities as the company expands into major UK cities.

Technical Analysis: Trend, Support and Resistance

Despite the positive news, Joby shares remain under pressure. The stock is trading at $7.96, about 4.9% below its 20-day simple moving average (SMA) of $8.25. It also trades well below the 50-day SMA of $9.57 and the 200-day SMA of $11.82, suggesting the broader trend remains weak.

The moving average convergence divergence (MACD) sits below its signal line, pointing to fading bullish momentum. Unless the stock climbs back above the 20-day moving average, selling pressure could continue. The first resistance level is $8.25, aligning with the 20-day SMA. On the downside, key support sits at $6.89, the stock's 52-week low. A move below that level could invite additional selling, while holding above it may attract buyers.

JOBY Earnings Preview

Joby Aviation is set to report earnings on August 5, 2026. Analysts expect a loss of 23 cents per share, an improvement from a loss of 41 cents a year ago. Revenue is estimated at $29.07 million, up from just $15,000 in the same quarter last year.

The stock carries a Hold rating with an average price forecast of $13.50. Recent analyst moves include Canaccord Genuity lowering its forecast to $11.50 (Hold) on May 7, Morgan Stanley lowering to $13.00 (Equal-Weight) on May 6, and Needham maintaining a Buy with an $18.00 forecast on May 6.

JOBY Price Action

Joby Aviation shares were up 3.92% at $7.96 during premarket trading on Wednesday, according to market data.