JOYY (NASDAQ:JOYY) Sets New 1-Year High – Should You Buy?

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY) hit a new 52-week high on Tuesday. The stock traded as high as $85.15 and last traded at $84.8980, with a volume of 416,282 shares. The stock had previously closed at $83.96.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on JOYY shares. JPMorgan Chase & Co. upgraded shares of JOYY from a “neutral” rating to an “overweight” rating and upped their target price for the company from $35.00 to $98.00 in a research note on Wednesday, August 12th. Jefferies Financial Group reissued a “buy” rating and issued a $87.00 price objective on shares of JOYY in a report on Wednesday, August 26th. Weiss Ratings raised JOYY from a “hold (c-)” rating to a “buy (b)” rating in a report on Friday, August 28th. Benchmark restated a “buy” rating on shares of JOYY in a research note on Wednesday, August 26th. Finally, Morgan Stanley set a $74.00 target price on JOYY in a report on Wednesday, August 26th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.40.

JOYY Stock Performance

The company’s fifty day moving average price is $77.53 and its 200 day moving average price is $69.55. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 20.27 and a beta of 0.38.

JOYY Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 16th. Investors of record on Wednesday, September 30th were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 7.3%. This is a positive change from JOYY’s previous quarterly dividend of $1.50. The ex-dividend date was Wednesday, September 30th. JOYY’s dividend payout ratio (DPR) is currently 147.49%.

Hedge Funds Weigh In On JOYY

A number of large investors have recently bought and sold shares of the business. SG Americas Securities LLC boosted its stake in JOYY by 49.9% in the first quarter. SG Americas Securities LLC now owns 112,466 shares of the company’s stock valued at $6,567,000 after acquiring an additional 37,451 shares during the period. Handelsbanken Fonder AB raised its position in shares of JOYY by 67.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company’s stock worth $851,000 after purchasing an additional 5,200 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of JOYY during the 1st quarter worth approximately $281,000. Vann Equity Management LLC acquired a new stake in shares of JOYY during the 3rd quarter worth approximately $271,000. Finally, DGS Capital Management LLC bought a new stake in shares of JOYY in the 4th quarter worth approximately $232,000. Institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a global technology company that operates video-based social media and live-streaming platforms. The company’s services enable users to share live video, create and view short-form content, communicate through messaging and voice services, and participate in online communities.

JOYY’s principal products include BIGO LIVE, a live-streaming platform; Likee, a short-form video and creation platform; and imo, an instant messaging and voice and video communication service.