JOYY (NASDAQ:JOYY) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

JOYY (NASDAQ:JOYY) issued its quarterly earnings results on Tuesday. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06, Zacks reports. JOYY had a return on equity of 3.67% and a net margin of 10.42%.

JOYY Trading Up 2.1%

NASDAQ JOYY traded up $1.53 during trading hours on Tuesday, hitting $75.00. 1,028,502 shares of the company’s stock were exchanged, compared to its average volume of 331,976. The stock has a 50-day simple moving average of $71.12 and a 200 day simple moving average of $64.64. JOYY has a 1-year low of $51.42 and a 1-year high of $76.68. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 17.40 and a beta of 0.47.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of JOYY from a “neutral” rating to an “overweight” rating and increased their target price for the company from $35.00 to $98.00 in a research report on Wednesday, August 12th. Zacks Research raised shares of JOYY from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Citigroup reiterated a “buy” rating on shares of JOYY in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, JOYY presently has an average rating of “Moderate Buy” and a consensus target price of $80.50.

Hedge Funds Weigh In On JOYY

A number of institutional investors and hedge funds have recently modified their holdings of JOYY. Sittner & Nelson LLC bought a new stake in shares of JOYY in the 3rd quarter valued at $29,000. Ameriprise Financial Inc. bought a new position in JOYY during the third quarter worth $442,000. New York State Common Retirement Fund boosted its stake in JOYY by 8.8% during the fourth quarter. New York State Common Retirement Fund now owns 138,555 shares of the company’s stock worth $8,973,000 after acquiring an additional 11,200 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in JOYY in the third quarter worth $9,204,000. Finally, Stonehill Capital Management LLC acquired a new stake in JOYY in the third quarter worth $80,885,000. 36.83% of the stock is currently owned by institutional investors.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.