JPMorgan Chase & Co. Increases JOYY (NASDAQ:YY) Price Target to $35.00

JOYY (NASDAQ:YY) had its target price upped by research analysts at JPMorgan Chase & Co. from $30.00 to $35.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 2.10% from the company’s previous close.

Several other analysts also recently commented on YY. Benchmark restated a “hold” rating on shares of JOYY in a research note on Thursday, August 29th. StockNews.com cut JOYY from a “buy” rating to a “hold” rating in a research note on Saturday, May 11th.

JOYY Stock Down 0.1 %

YY stock opened at $34.28 on Tuesday. The company’s fifty day simple moving average is $33.60 and its 200 day simple moving average is $32.47. JOYY has a 12-month low of $27.88 and a 12-month high of $43.20. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 6.46 and a beta of 0.25.

Hedge Funds Weigh In On JOYY

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board lifted its stake in JOYY by 1,758.1% in the first quarter. Canada Pension Plan Investment Board now owns 664,326 shares of the information services provider’s stock valued at $20,428,000 after purchasing an additional 628,573 shares during the last quarter. Point72 Hong Kong Ltd grew its stake in shares of JOYY by 22.3% during the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after acquiring an additional 552,082 shares during the period. Jupiter Asset Management Ltd. increased its holdings in JOYY by 356.3% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock worth $14,443,000 after acquiring an additional 374,800 shares during the last quarter. Yunqi Capital Ltd raised its stake in JOYY by 52.8% in the 1st quarter. Yunqi Capital Ltd now owns 783,202 shares of the information services provider’s stock valued at $24,083,000 after acquiring an additional 270,564 shares during the period. Finally, LSV Asset Management lifted its holdings in JOYY by 780.9% during the second quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock valued at $6,997,000 after purchasing an additional 206,152 shares during the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

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.