JOYY (NASDAQ:YY) Trading Up 9.8% – Here’s What Happened

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

Analyst Ratings Changes

Several equities analysts have weighed in on YY shares. JPMorgan Chase & Co. raised their target price on JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reiterated a “hold” rating on shares of JOYY in a research note on Thursday, August 29th.

JOYY Stock Performance

The firm’s 50-day simple moving average is $35.00 and its 200 day simple moving average is $33.58. The company has a market cap of $2.23 billion, a P/E ratio of 9.33 and a beta of 0.25.

JOYY (NASDAQ:YY) last released its earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.27. The firm had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. JOYY had a return on equity of 4.98% and a net margin of 9.53%. As a group, research analysts forecast that JOYY Inc. will post 3.4 earnings per share for the current year.

Institutional Trading of JOYY

Large investors have recently made changes to their positions in the company. Loomis Sayles & Co. L P acquired a new position in JOYY in the third quarter valued at about $25,000. Atlas Capital Advisors LLC bought a new stake in JOYY during the 2nd quarter worth approximately $29,000. Blue Trust Inc. raised its holdings in JOYY by 22,728.6% during the 2nd quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock worth $49,000 after buying an additional 1,591 shares during the period. EverSource Wealth Advisors LLC bought a new position in JOYY in the second quarter valued at approximately $52,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of JOYY by 12.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock valued at $79,000 after buying an additional 300 shares during the period. Institutional investors 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.