JOYY (NASDAQ:YY) Trading 3.1% Higher

Shares of JOYY Inc. (NASDAQ:YY - Get Free Report) were up 3.1% during mid-day trading on Tuesday . The company traded as high as $32.86 and last traded at $32.86. Approximately 282,675 shares changed hands during trading, a decline of 62% from the average daily volume of 735,045 shares. The stock had previously closed at $31.86.

Wall Street Analysts Forecast Growth

YY has been the subject of several analyst reports. StockNews.com downgraded JOYY from a "buy" rating to a "hold" rating in a research report on Monday, March 18th. Bank of America reaffirmed a "neutral" rating and issued a $35.00 target price on shares of JOYY in a research report on Monday, March 25th. Finally, Benchmark reaffirmed a "hold" rating on shares of JOYY in a research report on Tuesday, January 2nd. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, JOYY has an average rating of "Hold" and a consensus target price of $38.00.

JOYY Stock Up 4.5 %

The company has a 50 day simple moving average of $31.83 and a 200-day simple moving average of $36.04. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of 6.70 and a beta of 0.38.

JOYY (NASDAQ:YY - Get Free Report) last announced its quarterly earnings results on Monday, March 18th. The information services provider reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.13. The business had revenue of $569.84 million for the quarter, compared to analysts' expectations 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 prior year, the firm earned $0.49 EPS. On average, equities research analysts expect that JOYY Inc. will post 3.57 EPS for the current fiscal year.

Hedge Funds Weigh In On JOYY

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its stake in JOYY by 168.0% during the 3rd quarter. CWM LLC now owns 930 shares of the information services provider's stock valued at $35,000 after purchasing an additional 583 shares in the last quarter. Blue Trust Inc. boosted its stake in JOYY by 221.8% during the 4th quarter. Blue Trust Inc. now owns 943 shares of the information services provider's stock valued at $36,000 after purchasing an additional 650 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in JOYY by 31.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,435 shares of the information services provider's stock valued at $45,000 after purchasing an additional 343 shares in the last quarter. Point72 Europe London LLP bought a new position in JOYY during the 4th quarter valued at $83,000. Finally, Assetmark Inc. boosted its stake in JOYY by 62.2% during the 3rd quarter. Assetmark Inc. now owns 2,226 shares of the information services provider's stock valued at $85,000 after purchasing an additional 854 shares in the last quarter. 36.83% of the stock is owned by 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. 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.