JOYY (NASDAQ:JOYY) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of JOYY (NASDAQ:JOYY) from a strong-buy rating to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley set a $66.00 price objective on shares of JOYY in a report on Monday, November 24th. Wall Street Zen downgraded JOYY from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Citigroup raised their target price on shares of JOYY from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of JOYY in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $72.00.

JOYY Stock Performance

Shares of NASDAQ:JOYY opened at $61.05 on Monday. The company has a market capitalization of $3.14 billion, a PE ratio of 1.89 and a beta of 0.39. JOYY has a 12 month low of $37.53 and a 12 month high of $70.96. The business’s 50 day moving average price is $65.59.

JOYY Increases Dividend

The business also recently declared a dividend, which was paid on Tuesday, January 13th. Stockholders of record on Friday, January 2nd were issued a $0.97 dividend. This is a positive change from JOYY’s previous dividend of $0.95. The ex-dividend date of this dividend was Friday, January 2nd. JOYY’s payout ratio is presently 11.94%.

Hedge Funds Weigh In On JOYY

A number of large investors have recently modified their holdings of JOYY. Stonehill Capital Management LLC acquired a new position in shares of JOYY during the third quarter worth approximately $80,885,000. Public Employees Retirement System of Ohio acquired a new position in shares of JOYY in the 3rd quarter valued at $9,204,000. SG Americas Securities LLC increased its holdings in shares of JOYY by 1,336.8% in the fourth quarter. SG Americas Securities LLC now owns 75,015 shares of the company’s stock worth $4,858,000 after acquiring an additional 69,794 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd acquired a new position in JOYY in the 3rd quarter worth $1,189,000. Finally, China Universal Asset Management Co. Ltd. bought a new stake in JOYY during the 3rd quarter worth about $715,000. 36.83% of the stock is currently owned by hedge funds and other institutional investors.

About JOYY

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.