Joby Aviation (NYSE: JOBY) fell nearly 10% today as both H.C. Wainwright and Canaccord downgraded the stock, citing valuation concerns after its big run-up. Despite being up 112% this year and leading eVTOL innovation, Joby hasn't started commercial operations and still faces regulatory hurdles. With a $13.6 billion market cap but barely any revenue, the stock remains highly speculative. Even the Stock Advisor team didn't include Joby in its current favored picks. High risk, high volatility play—likely only for those with a strong risk appetite.