Shares of Joby (JOBY, Financial) rose 5% on Wednesday as the company began testing the rules for eVTOLs, amid optimism among analysts that JOBY has positioned itself to lead the newly emerging market for these new aircraft. Analysts at H.C. Wainwright reiterated a Buy rating, citing weak competition and Joby's advantage over Archer Aviation in launching commercial eVTOL services.

Joby's stock is also expected to be volatile in the upcoming three months due to frequent updates in the quarters to come, a high beta of 2.32 highlighted in data, and H.C. Wainwright analysts are positive due to its healthy financial health, which is in evidence with a current ratio of 16.12.

The eVTOL industry has been gaining pace, and Joby has seen many milestones, including the completion of a maintenance training program with the U.S. Air Force. The company's progress with the FAA in terms of securing part 141 certification for its pilot training academy and deployment of part 5 Safety Management System are also key positions that certify early operational readiness.

Although CFO Matthew Field recently stepped down, analysts remain bullish on Joby's prospects, with IRFA JoeBen Bevirt stepping in as interim CEO and SRF Sergei Novikov taking on interim controller duties. Canaccord Genuity and Needham have also reaffirmed Buy ratings, highlighting Joby's partnerships, including its collaboration with Uber (UBER, Financial).

Joby's positive outlook supports its potential as a frontrunner in the burgeoning eVTOL industry.