JOYY (NASDAQ:JOYY) Hits New 12-Month High – Time to Buy?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $80.94 and last traded at $81.0450, with a volume of 288427 shares traded. The stock had previously closed at $79.54.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JPMorgan Chase & Co. raised 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 report on Wednesday, August 12th. Morgan Stanley set a $74.00 price objective on JOYY in a research report on Wednesday, August 26th. Weiss Ratings upgraded JOYY from a “hold (c-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Benchmark reissued a “buy” rating on shares of JOYY in a research report on Wednesday, August 26th. Finally, Citigroup restated a “buy” rating on shares of JOYY in a research note on Wednesday, July 22nd. Six research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.40.

JOYY Trading Up 1.9%

The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 19.34 and a beta of 0.45. The company’s 50 day moving average is $74.28 and its 200 day moving average is $66.51.

JOYY Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from JOYY’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a dividend yield of 7.6%. JOYY’s dividend payout ratio is 142.72%.

Institutional Trading of JOYY

Institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in JOYY during the 2nd quarter worth $65,000. Nykredit A S acquired a new position in JOYY in the second quarter valued at $110,000. Ramsey Quantitative Systems acquired a new position in JOYY in the second quarter valued at $63,000. Handelsbanken Fonder AB raised its holdings in shares of JOYY by 67.5% in the second quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company’s stock valued at $851,000 after buying an additional 5,200 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of JOYY by 167.7% in the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock valued at $36,000 after buying an additional 384 shares during the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Company Profile

JOYY Inc (NASDAQ: JOYY) is a global social media and entertainment company that develops and operates live-streaming, short-form video, instant-messaging and online social platforms. Its services enable users to broadcast and watch live content, create and share videos, communicate with others, and participate in online communities.

JOYY’s principal brands include Bigo Live, a live-streaming platform; Likee, a short-form video and social networking application; and imo, an instant-messaging and voice and video communication service.