JOYY (NASDAQ:YY) Share Price Passes Above 200-Day Moving Average – Here’s Why

JOYY Inc. (NASDAQ:YY)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $60.11 and traded as high as $65.46. JOYY shares last traded at $64.0950, with a volume of 459,464 shares.

Analysts Set New Price Targets

Separately, Morgan Stanley set a $66.00 price target on JOYY in a research report on Monday, November 24th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.00.

JOYY Trading Down 0.8%

The firm has a market capitalization of $3.45 billion, a PE ratio of 19.36 and a beta of 0.21. The firm has a 50 day simple moving average of $65.71 and a 200 day simple moving average of $60.11.

Hedge Funds Weigh In On JOYY

Hedge funds have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its stake in JOYY by 5,718.2% during the 2nd quarter. Farther Finance Advisors LLC now owns 640 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 629 shares during the period. Raymond James Financial Inc. purchased a new position in shares of JOYY during the second quarter valued at approximately $62,000. Leading Securities Co Ltd bought a new position in JOYY during the second quarter valued at approximately $71,000. Campbell & CO Investment Adviser LLC purchased a new stake in JOYY in the second quarter worth approximately $235,000. Finally, Qtron Investments LLC bought a new stake in JOYY in the 2nd quarter worth approximately $249,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.

JOYY Company Profile

JOYY Inc (NASDAQ:YY) is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.