JOYY (NASDAQ:JOYY) Sets New 1-Year High - Time to Buy?

Key Points

• JOYY shares reached a new 52-week high of $82.15 and were last trading near $81.20, above both their 50-day ($76.55) and 200-day ($68.49) moving averages.
• Analyst sentiment is favorable, with six Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $83.40.
• JOYY raised its quarterly dividend to $1.55, or $6.20 annualized, implying a 7.6% yield; however, its payout ratio is high at 147.49%.

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report) hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $82.15 and last traded at $81.1950, with a volume of 456,505 shares trading hands. The stock had previously closed at $81.05.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on JOYY. Citigroup restated a "buy" rating on shares of JOYY in a report on Wednesday, July 22nd. Jefferies Financial Group reissued a "buy" rating and set a $87.00 price target on shares of JOYY in a research note on Wednesday, August 26th. JPMorgan Chase & Co. raised JOYY from a "neutral" rating to an "overweight" rating and upped their price target for the company from $35.00 to $98.00 in a research note on Wednesday, August 12th. Morgan Stanley set a $74.00 price target on shares of JOYY in a research report on Wednesday, August 26th. Finally, Benchmark reaffirmed a "buy" rating on shares of JOYY in a research note on Wednesday, August 26th. Six analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.40.

JOYY Price Performance

The business has a 50-day moving average of $76.55 and a 200-day moving average of $68.49. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 19.48 and a beta of 0.38.

JOYY Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Wednesday, September 30th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend 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 currently 147.49%.

Hedge Funds Weigh In On JOYY

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in JOYY. EverSource Wealth Advisors LLC increased its position in 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 acquiring an additional 384 shares during the period. Ramsey Quantitative Systems acquired a new stake in JOYY during the second quarter worth approximately $63,000. Integrated Wealth Concepts LLC bought a new stake in shares of JOYY during the 2nd quarter valued at $65,000. Nykredit A S bought a new position in shares of JOYY in the second quarter worth $110,000. Finally, Vann Equity Management LLC bought a new position in shares of JOYY in the third quarter worth $271,000. 36.83% of the stock is owned by institutional investors.

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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