JOYY (NASDAQ:YY) Trading 6.8% Higher – Time to Buy?

JOYY Inc. (NASDAQ:YY) shot up 6.8% during mid-day trading on Wednesday . The company traded as high as $36.21 and last traded at $36.00. 634,210 shares changed hands during trading, an increase of 31% from the average session volume of 483,016 shares. The stock had previously closed at $33.71.

Analyst Ratings Changes

YY has been the topic of a number of analyst reports. Benchmark reissued a “hold” rating on shares of JOYY in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised 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 Up 1.6 %

The company has a market cap of $2.08 billion, a price-to-earnings ratio of 8.83 and a beta of 0.25. The company has a fifty day simple moving average of $34.97 and a two-hundred day simple moving average of $33.43.

JOYY (NASDAQ:YY) last posted its 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 firm had revenue of $565.13 million during the quarter, compared to the consensus estimate of $556.82 million. On average, research analysts predict that JOYY Inc. will post 3.4 EPS for the current year.

Institutional Trading of JOYY

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