JOYY Inc. (NASDAQ:YY) Sees Large Decline in Short Interest

JOYY Inc. (NASDAQ:YY) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 1,750,000 shares, a decline of 20.1% from the February 29th total of 2,190,000 shares. Based on an average trading volume of 714,700 shares, the short-interest ratio is presently 2.4 days. Approximately 4.0% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. StockNews.com lowered JOYY from a “buy” rating to a “hold” rating in a research report on Monday, March 18th. Benchmark restated a “hold” rating on shares of JOYY in a research report on Tuesday, January 2nd. Finally, Bank of America restated a “neutral” rating and set a $35.00 price objective on shares of JOYY in a research report on Monday, March 25th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $38.00.

JOYY Trading Up 1.7 %

Shares of YY opened at $30.75 on Friday. The company has a market capitalization of $1.91 billion, a PE ratio of 6.19 and a beta of 0.39. JOYY has a 12 month low of $24.12 and a 12 month high of $43.20. The stock’s 50-day moving average price is $31.74 and its two-hundred day moving average price is $36.14.

JOYY (NASDAQ:YY) last announced its earnings results on Monday, March 18th. The information services provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.64 by $0.13. The firm had revenue of $569.84 million for the quarter, compared to the consensus estimate of $572.51 million. JOYY had a return on equity of 5.13% and a net margin of 13.31%. During the same period in the previous year, the business earned $0.49 EPS. Equities research analysts predict that JOYY will post 3.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in YY. E Fund Management Hong Kong Co. Ltd. raised its stake in JOYY by 135.9% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 32,517 shares of the information services provider’s stock worth $1,264,000 after buying an additional 18,731 shares during the period. American Century Companies Inc. raised its stake in JOYY by 11.4% during the 1st quarter. American Century Companies Inc. now owns 10,078 shares of the information services provider’s stock worth $370,000 after buying an additional 1,031 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in JOYY by 34.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 12,302 shares of the information services provider’s stock worth $452,000 after buying an additional 3,164 shares during the period. Great West Life Assurance Co. Can raised its stake in JOYY by 10.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 54,734 shares of the information services provider’s stock worth $2,087,000 after buying an additional 5,100 shares during the period. Finally, Vanguard Group Inc. raised its stake in JOYY by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 2,022,640 shares of the information services provider’s stock worth $74,292,000 after buying an additional 81,581 shares during the period. 36.83% of the stock is owned by institutional investors and hedge funds.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.