JOYY (NASDAQ:YY) Stock Price Down 3.3% – Here’s Why

JOYY Inc. (NASDAQ:YY) was down 3.3% during mid-day trading on Friday . The company traded as low as $34.75 and last traded at $34.85. Approximately 141,123 shares were traded during trading, a decline of 70% from the average daily volume of 478,364 shares. The stock had previously closed at $36.03.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of JOYY in a research note on Thursday, August 29th.

JOYY Trading Down 5.9 %

The stock has a market capitalization of $1.94 billion, a PE ratio of 8.23 and a beta of 0.25. The stock’s fifty day simple moving average is $35.04 and its 200-day simple moving average is $33.56.

JOYY (NASDAQ:YY) last released its quarterly earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.27. JOYY had a net margin of 9.53% and a return on equity of 4.98%. The company had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. As a group, analysts anticipate that JOYY Inc. will post 3.4 earnings per share for the current fiscal year.

Institutional Trading of JOYY

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in JOYY by 1.2% during the third quarter. Geode Capital Management LLC now owns 72,152 shares of the information services provider’s stock worth $2,615,000 after buying an additional 877 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of JOYY during the 3rd quarter valued at approximately $4,383,000. Whitefort Capital Management LP grew its position in shares of JOYY by 168.3% during the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock valued at $20,507,000 after acquiring an additional 354,932 shares during the period. Athos Capital Ltd increased its stake in shares of JOYY by 9.4% during the 3rd quarter. Athos Capital Ltd now owns 54,900 shares of the information services provider’s stock worth $1,990,000 after purchasing an additional 4,700 shares during the last quarter. Finally, Hhlr Advisors LTD. bought a new stake in shares of JOYY in the 3rd quarter worth approximately $1,087,000. 36.83% of the stock is owned by hedge funds and other institutional investors.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. It operates through two segments, BIGO and All Other. The company operates Bigo Live, a social live streaming platform, that provides an interactive online stage for users to host and watch live streaming sessions, share their life moments, showcase their talents, and interact with people worldwide; Likee, a short-form video social platform, which enables users to discover, create, and share short videos, with video creation tools and personalized feeds; imo, an instant messenger platform, that provides audio and video communication services; Hago, a social networking platform that offers casual games integrating social features, such as audio and video multi-user chatrooms and 3D virtual interactive party games; and Shopline, a smart commerce platform, that provides solutions and services to enable merchants in creating and growing their brands online and reach customers through various sales channels, including e-commerce platforms, social commerce, and physical retail stores.