JOYY (NASDAQ:YY) Stock Price Up 3.6% – Should You Buy?

Shares of JOYY Inc. (NASDAQ:YY) traded up 3.6% on Tuesday . The company traded as high as $34.58 and last traded at $34.56. 41,329 shares were traded during trading, a decline of 92% from the average session volume of 491,186 shares. The stock had previously closed at $33.35.

Analysts Set New Price Targets

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

JOYY Price Performance

The stock’s fifty day simple moving average is $35.10 and its 200-day simple moving average is $33.34. The firm has a market cap of $2.00 billion, a PE ratio of 6.34 and a beta of 0.24.

JOYY (NASDAQ:YY) last issued its quarterly earnings results on Tuesday, August 27th. The information services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.27. JOYY had a return on equity of 4.98% and a net margin of 9.53%. The company had revenue of $565.13 million during the quarter, compared to analysts’ expectations of $556.82 million. Analysts expect that JOYY Inc. will post 3.4 earnings per share for the current year.

Hedge Funds Weigh In On JOYY

A number of institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of JOYY by 12.9% during the 2nd 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 last quarter. Atlas Capital Advisors LLC purchased a new position in shares of JOYY in the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC purchased a new position in shares of JOYY in the 2nd quarter valued at about $52,000. Blue Trust Inc. increased its stake in shares of JOYY by 22,728.6% in the 2nd quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 1,591 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its stake in shares of JOYY by 2.2% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 83,464 shares of the information services provider’s stock valued at $2,511,000 after purchasing an additional 1,810 shares in the last quarter. Hedge funds and other 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.