JOYY (NASDAQ:YY) Trading Down 5.9% – Here’s Why

JOYY Inc. (NASDAQ:YY)’s stock price dropped 5.9% during trading on Tuesday . The stock traded as low as $46.26 and last traded at $46.17. Approximately 311,798 shares were traded during trading, a decline of 29% from the average daily volume of 439,583 shares. The stock had previously closed at $49.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on YY shares. StockNews.com cut JOYY from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Benchmark upgraded shares of JOYY from a “hold” rating to a “buy” rating in a report on Tuesday, February 25th.

JOYY Stock Performance

The business has a 50 day moving average price of $45.56 and a 200-day moving average price of $39.79. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 14.16 and a beta of 0.21.

Hedge Funds Weigh In On JOYY

Institutional investors and hedge funds have recently modified their holdings of the business. Loomis Sayles & Co. L P bought a new position in JOYY during the third quarter worth $25,000. SBI Securities Co. Ltd. bought a new position in shares of JOYY during the 4th quarter worth about $25,000. Global Retirement Partners LLC grew its stake in shares of JOYY by 71.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock valued at $45,000 after buying an additional 447 shares during the period. Rhumbline Advisers increased its position in JOYY by 63.0% in the 4th quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock valued at $55,000 after buying an additional 510 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in JOYY during the 4th quarter worth approximately $85,000. 36.83% of the stock is currently owned by institutional investors.

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.