JOYY (NASDAQ:YY) Sets New 52-Week High – Time to Buy?

JOYY Inc. (NASDAQ:YY)’s share price reached a new 52-week high on Monday . The stock traded as high as $41.38 and last traded at $41.38, with a volume of 221389 shares traded. The stock had previously closed at $38.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on YY shares. Benchmark reaffirmed a “hold” rating on shares of JOYY in a research report on Thursday, August 29th. JPMorgan Chase & Co. increased their price target on JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, September 3rd.

JOYY Trading Up 7.8 %

The stock has a market capitalization of $2.39 billion, a P/E ratio of 12.50 and a beta of 0.26. The stock’s 50-day moving average price is $35.21 and its two-hundred day moving average price is $33.67.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P bought a new position in JOYY in the 3rd quarter worth about $25,000. Atlas Capital Advisors LLC purchased a new stake in JOYY in the second quarter valued at approximately $29,000. Blue Trust Inc. lifted its position in JOYY by 22,728.6% during the second quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 1,591 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in JOYY in the 2nd quarter worth approximately $52,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of JOYY by 12.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock worth $79,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 36.83% of the company’s stock.

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.