JOYY (NASDAQ:YY) Trading Up 8.4% – Still a Buy?

JOYY Inc. (NASDAQ:YY) shares were up 8.4% during mid-day trading on Friday . The company traded as high as $40.14 and last traded at $40.00. Approximately 141,949 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 493,274 shares. The stock had previously closed at $36.89.

Analyst Ratings Changes

YY has been the topic of a number of recent research reports. Benchmark reissued a “hold” rating on shares of JOYY in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd.

JOYY Stock Performance

The company has a fifty day simple moving average of $36.39 and a 200 day simple moving average of $34.49. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.32 and a beta of 0.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Atlas Capital Advisors LLC acquired a new position in shares of JOYY in the 2nd quarter valued at about $29,000. LSV Asset Management lifted its stake in JOYY by 780.9% in the second quarter. LSV Asset Management now owns 232,552 shares of the information services provider’s stock valued at $6,997,000 after buying an additional 206,152 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in shares of JOYY by 356.3% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 480,000 shares of the information services provider’s stock worth $14,443,000 after buying an additional 374,800 shares in the last quarter. NINE MASTS CAPITAL Ltd acquired a new stake in shares of JOYY during the 2nd quarter worth approximately $2,283,000. Finally, Krane Funds Advisors LLC increased its stake in shares of JOYY by 10.5% in the 2nd quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock valued at $42,561,000 after acquiring an additional 134,394 shares in the last quarter. Institutional investors and hedge funds 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.