JOYY (NASDAQ:YY) Trading 9.8% Higher – Still a Buy?

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

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on YY shares. JPMorgan Chase & Co. increased their price objective on JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of JOYY in a research report on Thursday, August 29th.

JOYY Trading Up 10.6 %

The stock has a fifty day moving average price of $35.14 and a 200 day moving average price of $33.65. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 11.69 and a beta of 0.25.

JOYY (NASDAQ:YY) last announced its earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.27. JOYY had a return on equity of 4.64% and a net margin of 9.02%. The firm had revenue of $565.13 million during the quarter, compared to analysts’ expectations of $556.82 million. On average, sell-side analysts forecast that JOYY Inc. will post 3.4 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of YY. Point72 Hong Kong Ltd lifted its holdings in shares of JOYY by 22.3% during the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after buying an additional 552,082 shares during the last quarter. Krane Funds Advisors LLC increased its position in JOYY by 10.5% during the second quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after acquiring an additional 134,394 shares during the period. Canada Pension Plan Investment Board raised its stake in JOYY by 10.0% during 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. FMR LLC boosted its holdings in JOYY by 4.3% in the 3rd quarter. FMR LLC now owns 678,551 shares of the information services provider’s stock valued at $24,591,000 after purchasing an additional 28,126 shares during the period. Finally, Whitefort Capital Management LP grew its position in JOYY by 168.3% in the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock worth $20,507,000 after purchasing an additional 354,932 shares during the last quarter. Institutional investors and hedge funds 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.