JOYY (NASDAQ:JOYY) Hits New 1-Year High - Still a Buy?

Key Points

• JOYY reached a new 52-week high, trading as high as $80.94 and last at $81.0450, giving the company a market capitalization of approximately $3.97 billion.
• Analyst sentiment is broadly positive: six analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $83.40. JPMorgan notably upgraded JOYY to Overweight and raised its target to $98.
• JOYY increased its quarterly dividend to $1.55 per share, or $6.20 annualized, implying a 7.6% yield; however, its payout ratio is elevated at 142.72%.

JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $80.94 and last traded at $81.0450, with a volume of 288427 shares changing hands. The stock had previously closed at $79.54.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. upgraded JOYY from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $35.00 to $98.00 in a research report on Wednesday, August 12th. Weiss Ratings raised JOYY from a "hold (c-)" rating to a "buy (b)" rating in a research note on Friday, August 28th. Morgan Stanley set a $74.00 target price on JOYY in a report on Wednesday, August 26th. Citigroup reaffirmed a "buy" rating on shares of JOYY in a research report on Wednesday, July 22nd. Finally, Jefferies Financial Group reissued a "buy" rating and set a $87.00 price target on shares of JOYY in a research report on Wednesday, August 26th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $83.40.

JOYY Price Performance

The company's 50 day simple moving average is $74.28 and its 200 day simple moving average is $66.51. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 19.34 and a beta of 0.45.

JOYY Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors 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 yield of 7.6%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from JOYY's previous quarterly dividend of $1.50. JOYY's payout ratio is presently 142.72%.

Institutional Investors Weigh In On JOYY

A number of hedge funds have recently bought and sold shares of JOYY. EverSource Wealth Advisors LLC grew its position in shares of JOYY by 167.7% during the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company's stock worth $36,000 after buying an additional 384 shares in the last quarter. Ramsey Quantitative Systems acquired a new stake in JOYY in the second quarter valued at approximately $63,000. Integrated Wealth Concepts LLC purchased a new position in JOYY in the second quarter worth approximately $65,000. Nykredit A S purchased a new position in JOYY in the second quarter worth approximately $110,000. Finally, DGS Capital Management LLC acquired a new position in JOYY during the 4th quarter worth approximately $232,000. Institutional investors and hedge funds own 36.83% of the company's stock.

About JOYY

JOYY Inc NASDAQ: JOYY is a global social media and entertainment company that develops and operates live-streaming, short-form video, instant-messaging and online social platforms. Its services enable users to broadcast and watch live content, create and share videos, communicate with others, and participate in online communities.

JOYY's principal brands include Bigo Live, a live-streaming platform; Likee, a short-form video and social networking application; and imo, an instant-messaging and voice and video communication service.

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