JOYY (NASDAQ:JOYY) Hits New 1-Year High - Here's What Happened

Key Points

• JOYY shares reached a new 52-week high of $81.34 and last traded at $81.03, giving the company a market capitalization of approximately $3.93 billion.
• Analysts remain broadly bullish: six rate the stock Buy and one rates it Hold, resulting in a “Moderate Buy” consensus and an average price target of $83.40. JPMorgan recently raised its target to $98.
• JOYY increased its quarterly dividend to $1.55 per share, or $6.20 annualized, representing a 7.7% yield; institutional investors and hedge funds own 36.83% of the company.

JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday. The company traded as high as $81.34 and last traded at $81.03, with a volume of 23953 shares trading hands. The stock had previously closed at $80.50.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on JOYY shares. JPMorgan Chase & Co. upgraded shares of JOYY from a "neutral" rating to an "overweight" rating and lifted their price target for the stock from $35.00 to $98.00 in a research note on Wednesday, August 12th. Weiss Ratings upgraded shares of JOYY from a "hold (c-)" rating to a "buy (b)" rating in a research report on Friday, August 28th. Jefferies Financial Group reissued a "buy" rating and issued a $87.00 price objective on shares of JOYY in a research report on Wednesday, August 26th. Benchmark reissued a "buy" rating on shares of JOYY in a research report on Wednesday, August 26th. Finally, Citigroup reaffirmed a "buy" rating on shares of JOYY in a research note on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, JOYY currently has an average rating of "Moderate Buy" and an average target price of $83.40.

JOYY Stock Down 0.3%

The business has a 50-day moving average price of $75.98 and a two-hundred day moving average price of $67.88. The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 19.15 and a beta of 0.38.

JOYY Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 7.7%. This is a boost from JOYY's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Wednesday, September 30th. JOYY's payout ratio is 147.49%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new stake in JOYY in the second quarter worth $65,000. Nykredit A S acquired a new position in JOYY during the 2nd quarter valued at about $110,000. Ramsey Quantitative Systems acquired a new stake in shares of JOYY during the second quarter worth $63,000. Handelsbanken Fonder AB boosted its position in JOYY by 67.5% in the second quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company's stock valued at $851,000 after buying an additional 5,200 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in JOYY by 167.7% during the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company's stock valued at $36,000 after purchasing an additional 384 shares during the period. Hedge funds and other institutional investors own 36.83% of the company's stock.

About JOYY

JOYY Inc NASDAQ: JOYY is a global technology company that operates social media, live-streaming and digital entertainment platforms. The company's services enable users to create and share content, communicate in real time, and participate in online communities through video, audio and messaging formats.

JOYY's portfolio has included BIGO Live, a live-streaming platform; Likee, a short-form video and social networking application; and imo, an instant messaging and communications service.

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