JOYY (NASDAQ:YY) Shares Up 9.8% – Time to Buy?

JOYY Inc. (NASDAQ:YY)’s stock price shot up 9.8% on Wednesday . The stock traded as high as $38.45 and last traded at $38.43. 102,365 shares traded hands during trading, a decline of 79% from the average session volume of 477,355 shares. The stock had previously closed at $35.00.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Benchmark restated a “hold” rating on shares of JOYY in a research note on Thursday, August 29th. JPMorgan Chase & Co. increased their price objective on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, September 3rd.

JOYY Stock Performance

The firm has a 50 day moving average price of $35.14 and a two-hundred day moving average price of $33.65. The company has a market capitalization of $2.21 billion, a P/E ratio of 11.69 and a beta of 0.25.

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 analysts’ consensus estimates of $0.81 by $0.27. The firm had revenue of $565.13 million for the quarter, compared to analysts’ expectations of $556.82 million. JOYY had a return on equity of 4.64% and a net margin of 9.02%. On average, equities analysts expect that JOYY Inc. will post 3.4 earnings per share for the current year.

Hedge Funds Weigh In On JOYY

A number of institutional investors and hedge funds have recently added to or reduced their stakes in YY. Canada Pension Plan Investment Board raised its position in JOYY by 10.0% in the 2nd 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 during the last quarter. Krane Funds Advisors LLC raised its holdings in shares of JOYY by 10.5% in the second quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock valued at $42,561,000 after buying an additional 134,394 shares during the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in JOYY during the 3rd quarter worth about $725,000. Cape Ann Asset Management Ltd grew its holdings in JOYY by 47.8% during the 3rd quarter. Cape Ann Asset Management Ltd now owns 476,900 shares of the information services provider’s stock worth $17,283,000 after acquiring an additional 154,200 shares during the last quarter. Finally, Point72 Hong Kong Ltd increased its position in JOYY by 22.3% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock valued at $90,952,000 after acquiring an additional 552,082 shares in the last quarter. 36.83% of the stock is currently owned by institutional investors and hedge funds.

JOYY Company Profile

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.