JOYY (NASDAQ:JOYY) Reaches New 52-Week High - Should You Buy?

Key Points

• JOYY shares reached a new 52-week high of $80.90 before closing around $75.93, up from the prior close of $75.00. The company has a market capitalization of approximately $3.73 billion.
• Analyst sentiment is generally positive: JPMorgan upgraded JOYY to “overweight” and raised its price target to $98, while the consensus rating is “Moderate Buy” with an average target of $80.50.
• Institutional investors own about 36.83% of JOYY, with several funds recently initiating or increasing positions, including Handelsbanken Fonder, which boosted its holdings by 67.5%.

JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $80.90 and last traded at $75.9290, with a volume of 221268 shares. The stock had previously closed at $75.00.

Wall Street Analysts Forecast Growth

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

JOYY Stock Down 0.6%

The company has a market capitalization of $3.73 billion, a PE ratio of 17.11 and a beta of 0.47. The company has a 50-day moving average price of $71.12 and a two-hundred day moving average price of $64.64.

Hedge Funds Weigh In On JOYY

Large investors have recently modified their holdings of the company. Nykredit A S purchased a new position in JOYY during the second quarter valued at approximately $110,000. Ramsey Quantitative Systems bought a new position in JOYY in the 2nd quarter valued at $63,000. Handelsbanken Fonder AB boosted its holdings in JOYY by 67.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company's stock valued at $851,000 after purchasing an additional 5,200 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of JOYY by 167.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company's stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. bought a new position in shares of JOYY in the first quarter worth $281,000. 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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