JOYY Inc. Sponsored ADR (NASDAQ:JOYY) Sees Large Drop in Short Interest

Key Points

• Short interest fell 26.7% in March to 748,932 shares, equal to 2.6% of the float and a days-to-cover of 1.6.
• JOYY declared a quarterly dividend of $1.38 per share (annualized $5.52), implying a 8.8% yield; record date is Apr 22 and payment is May 8.
• Shares traded at $63.07 (up 1.5%) with a market cap of $3.15B and a P/E of 12.79, while analysts’ consensus is a Hold with an average target of $74.67.

JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totaling 748,932 shares, a drop of 26.7% from the March 15th total of 1,021,755 shares. Currently, 2.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 471,053 shares, the days-to-cover ratio is currently 1.6 days.

JOYY Stock Up 1.5%

Shares of JOYY stock traded up $0.91 during trading on Wednesday, reaching $63.07. The company's stock had a trading volume of 207,254 shares, compared to its average volume of 339,621. The firm's 50-day moving average is $60.57 and its two-hundred day moving average is $62.00. JOYY has a 52-week low of $38.40 and a 52-week high of $70.96. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 12.79 and a beta of 0.42.

JOYY (NASDAQ:JOYY - Get Free Report) last posted its quarterly earnings results on Saturday, February 14th. The company reported $1.34 EPS for the quarter. JOYY had a net margin of 98.79% and a return on equity of 3.93%. The company had revenue of $581.92 million during the quarter.

JOYY Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Wednesday, April 22nd will be issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Wednesday, April 22nd. JOYY's dividend payout ratio is currently 9.89%.

Analysts Set New Price Targets

JOYY has been the subject of a number of recent research reports. Zacks Research lowered shares of JOYY from a "hold" rating to a "strong sell" rating in a report on Thursday, March 19th. UBS Group started coverage on shares of JOYY in a research note on Wednesday, March 11th. They issued a "buy" rating and a $80.00 price objective for the company. Citigroup upped their price objective on shares of JOYY from $70.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, January 13th. Wall Street Zen cut shares of JOYY from a "buy" rating to a "hold" rating in a research note on Saturday, December 20th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of JOYY in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.67.

Institutional Investors Weigh In On JOYY

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in JOYY during the 3rd quarter valued at $27,000. Sittner & Nelson LLC bought a new position in JOYY in the 3rd quarter worth $29,000. Farther Finance Advisors LLC bought a new position in JOYY in the 3rd quarter worth $35,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in JOYY in the 3rd quarter worth $87,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in JOYY in the 3rd quarter worth $142,000. 36.83% of the stock is currently owned by institutional investors.

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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