JOYY (NASDAQ:YY) Trading 6.8% Higher – Should You Buy?

JOYY Inc. (NASDAQ:YY) shares traded up 6.8% during 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.

Analysts Set New Price Targets

YY has been the topic of several analyst reports. Benchmark reiterated a “hold” rating on shares of JOYY in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their price target on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd.

JOYY Price Performance

The business’s 50-day moving average price is $34.97 and its two-hundred day moving average price is $33.43. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 8.83 and a beta of 0.25.

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

Hedge Funds Weigh In On JOYY

A number of hedge funds have recently added to or reduced their stakes in YY. Northwestern Mutual Wealth Management Co. grew its holdings in JOYY by 12.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock worth $79,000 after buying an additional 300 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of JOYY by 1.7% during the third quarter. Natixis Advisors LLC now owns 21,208 shares of the information services provider’s stock valued at $769,000 after acquiring an additional 352 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of JOYY by 5.7% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,751 shares of the information services provider’s stock valued at $291,000 after acquiring an additional 421 shares in the last quarter. Loomis Sayles & Co. L P acquired a new position in JOYY in the 3rd quarter worth approximately $25,000. Finally, Atlas Capital Advisors LLC purchased a new position in JOYY during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds 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.