JOYY (NASDAQ:YY) Sees Large Volume Increase – Time to Buy?

JOYY Inc. (NASDAQ:YY) shares saw unusually-strong trading volume on Friday . Approximately 1,000,891 shares changed hands during trading, an increase of 118% from the previous session’s volume of 460,152 shares.The stock last traded at $42.17 and had previously closed at $41.23.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com downgraded JOYY from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Benchmark raised JOYY from a “hold” rating to a “buy” rating in a research note on Tuesday, February 25th.

JOYY Stock Up 1.4 %

The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 12.64 and a beta of 0.21. The stock’s 50-day moving average price is $45.97 and its 200-day moving average price is $39.95.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in YY. Barclays PLC grew its position in shares of JOYY by 1.3% during the 3rd quarter. Barclays PLC now owns 20,543 shares of the information services provider’s stock worth $744,000 after buying an additional 270 shares during the period. Natixis Advisors LLC boosted its stake in JOYY by 1.7% during the 3rd quarter. Natixis Advisors LLC now owns 21,208 shares of the information services provider’s stock worth $769,000 after acquiring an additional 352 shares during the last quarter. Global Retirement Partners LLC grew its holdings in JOYY by 71.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,072 shares of the information services provider’s stock valued at $45,000 after purchasing an additional 447 shares during the period. Rhumbline Advisers increased its stake in JOYY by 63.0% in the fourth quarter. Rhumbline Advisers now owns 1,319 shares of the information services provider’s stock valued at $55,000 after purchasing an additional 510 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in JOYY in the fourth quarter worth $25,000. 36.83% of the stock is currently owned by institutional investors and hedge funds.

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.