Taking flight with a stock shortly after it debuts on the public markets can be an endeavor fraught with risk -- something that early investors in Joby Aviation (JOBY -2.51%) could probably tell you from firsthand experience.

Instead of a traditional initial public offering (IPO), Joby Aviation, a developer of electric vertical take-off and landing (eVTOL), first spread its wings on the public markets in August 2021 after it completed its reverse merger with a special purpose acquisition company. While growth investors had high hopes that Joby Aviation stock would soar into the stratosphere, their investments have encountered continuous turbulence.

It's been a rocky ride in the wild blue yonder for Joby

Taking flight on its first day trading under its current stock ticker JOBY, shares of Joby Aviation opened at $10.62 and gained altitude throughout the trading session, closing at a lofty $13.40. In the days since, however, the stock has come back to earth, and it now changes hands at about $6 a share. Those who bought Joby stock the day it began trading after its SPAC merger was completed are down about 61%. Investors who bought $10,000 in Joby stock, consequently, are left with less than $3,900 of their original investment.

While Joby stock has failed to grow shareholder value, it's foolhardy to conclude that future growth is an impossibility. Joby has made steady progress toward gaining the necessary certifications from the Federal Aviation Administration that will allow the company to commence commercial operations. Moreover, the company recently completed an exhibition flight in Japan -- a flight so successful that it motivated Toyota to invest $500 million in the company.

Is now a good time to hop aboard with an investment in Joby?

Growth investors who find Joby's recent developments encouraging will want to dig deeper before landing this eVTOL leader in their portfolios. Plenty of risks still remain for Joby, so investors may want to also consider another option -- such as Archer Aviation, which is also striving to offer electric air taxi service to customers in the near future.