JOYY (NASDAQ:JOYY) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• JOYY beat quarterly earnings expectations, reporting $0.91 in EPS versus the $0.85 consensus estimate. The company posted a 10.42% net margin and 3.67% return on equity.
• Shares rose 2.1% to $75.00, near the company’s 12-month high of $76.68, while trading volume exceeded its average. JOYY has a $3.75 billion market capitalization and a price-to-earnings ratio of 17.40.
• Analyst sentiment is moderately positive, with three Buy and two Hold ratings and a consensus price target of $80.50. Institutional investors own 36.83% of the stock.

JOYY (NASDAQ:JOYY - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06, Zacks reports. JOYY had a net margin of 10.42% and a return on equity of 3.67%.

JOYY Trading Up 2.1%

JOYY traded up $1.53 on Tuesday, hitting $75.00. 1,028,502 shares of the company were exchanged, compared to its average volume of 331,976. JOYY has a twelve month low of $51.42 and a twelve month high of $76.68. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 17.40 and a beta of 0.47. The firm has a 50-day moving average price of $71.12 and a two-hundred day moving average price of $64.64.

Analyst Ratings Changes

A number of analysts recently issued reports on JOYY shares. Citigroup reissued a "buy" rating on shares of JOYY in a research report on Wednesday, July 22nd. Zacks Research raised shares of JOYY from a "strong sell" rating to a "hold" rating in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. upgraded shares of JOYY from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $35.00 to $98.00 in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.50.

Institutional Trading of JOYY

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. acquired a new position in JOYY during the third quarter worth about $442,000. Public Employees Retirement System of Ohio purchased a new stake in JOYY in the 3rd quarter valued at approximately $9,204,000. Sittner & Nelson LLC purchased a new stake in JOYY in the 3rd quarter valued at approximately $29,000. Stonehill Capital Management LLC acquired a new stake in JOYY during the 3rd quarter valued at $80,885,000. Finally, New York State Common Retirement Fund grew its holdings in JOYY by 8.8% during the 4th quarter. New York State Common Retirement Fund now owns 138,555 shares of the company's stock valued at $8,973,000 after buying an additional 11,200 shares during the last quarter. Institutional investors and hedge funds own 36.83% of the company's stock.

JOYY Company Profile

JOYY Inc NASDAQ: JOYY is a China-based technology company that develops and operates social media and live-streaming platforms. The company's core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY's platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.

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