JOYY (NASDAQ:JOYY) Shares Down 6.1% - Here's What Happened

Key Points

• JOYY shares fell 6.1% to about $74.30 in mid-day trading, with volume down 71% from the average session.
• Analyst sentiment remains 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.
• JOYY raised its quarterly dividend to $1.55 per share, equivalent to a $6.20 annualized payout and an 8.2% yield, although its payout ratio is high at 147.49%.

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Get Free Report) traded down 6.1% during mid-day trading on Wednesday. The stock traded as low as $75.20 and last traded at $74.2950. 97,763 shares traded hands during trading, a decline of 71% from the average session volume of 332,414 shares. The stock had previously closed at $79.09.

Wall Street Analysts Forecast Growth

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

JOYY Trading Down 4.7%

The stock has a market cap of $3.69 billion, a PE ratio of 17.97 and a beta of 0.38. The company's 50 day moving average is $78.67 and its 200-day moving average is $68.22.

JOYY Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 16th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.55 per share. This is a positive change from JOYY's previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a dividend yield of 8.2%. The ex-dividend date of this dividend was Wednesday, September 30th. JOYY's dividend payout ratio (DPR) is currently 147.49%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Crossmark Global Holdings Inc. bought a new stake in shares of JOYY in the third quarter valued at approximately $15,906,000. Asset Management One Co. Ltd. bought a new stake in shares of JOYY during the third quarter valued at approximately $2,383,000. Moody Aldrich Partners LLC bought a new stake in JOYY during the 3rd quarter worth about $933,000. Vest Financial LLC boosted its position in shares of JOYY by 21.9% in the 3rd quarter. Vest Financial LLC now owns 30,965 shares of the company's stock worth $2,485,000 after purchasing an additional 5,555 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in JOYY by 67.5% during the second 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. Institutional investors and hedge funds own 36.83% of the company's stock.

About JOYY

JOYY Inc NASDAQ: JOYY is a global technology company that operates video-based social media and live-streaming platforms. The company's services enable users to share live video, create and view short-form content, communicate through messaging and voice services, and participate in online communities.

JOYY's principal products include BIGO LIVE, a live-streaming platform; Likee, a short-form video and creation platform; and imo, an instant messaging and voice and video communication service.

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