JOYY (NASDAQ:YY) Trading Up 3.6% – Time to Buy?

JOYY Inc. (NASDAQ:YY) shot up 3.6% during mid-day trading on Tuesday . The company traded as high as $34.58 and last traded at $34.56. 41,329 shares changed hands during trading, a decline of 92% from the average session volume of 491,186 shares. The stock had previously closed at $33.35.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on YY. Benchmark restated a “hold” rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd.

JOYY Stock Down 2.1 %

The firm’s fifty day simple moving average is $35.10 and its 200-day simple moving average is $33.34. The firm has a market capitalization of $2.00 billion, a PE ratio of 6.34 and a beta of 0.24.

JOYY (NASDAQ:YY) last announced its quarterly earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.27. JOYY had a net margin of 9.53% and a return on equity of 4.98%. The company had revenue of $565.13 million during the quarter, compared to the consensus estimate of $556.82 million. As a group, analysts predict that JOYY Inc. will post 3.4 earnings per share for the current year.

Hedge Funds Weigh In On JOYY

A number of hedge funds have recently bought and sold shares of the business. Point72 Hong Kong Ltd boosted its holdings in JOYY by 22.3% in the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after purchasing an additional 552,082 shares during the last quarter. Krane Funds Advisors LLC increased its stake in JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after buying an additional 134,394 shares in the last quarter. Yunqi Capital Ltd increased its stake in JOYY by 52.8% in the 1st quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock worth $24,083,000 after buying an additional 270,564 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of JOYY by 10.0% during the second quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after purchasing an additional 66,474 shares in the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in shares of JOYY by 356.3% during the second quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock valued at $14,443,000 after purchasing an additional 374,800 shares in the last quarter. Hedge funds and other institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. It operates through two segments, BIGO and All Other. The company operates Bigo Live, a social live streaming platform, that provides an interactive online stage for users to host and watch live streaming sessions, share their life moments, showcase their talents, and interact with people worldwide; Likee, a short-form video social platform, which enables users to discover, create, and share short videos, with video creation tools and personalized feeds; imo, an instant messenger platform, that provides audio and video communication services; Hago, a social networking platform that offers casual games integrating social features, such as audio and video multi-user chatrooms and 3D virtual interactive party games; and Shopline, a smart commerce platform, that provides solutions and services to enable merchants in creating and growing their brands online and reach customers through various sales channels, including e-commerce platforms, social commerce, and physical retail stores.