JOYY (NASDAQ:JOYY) Shares Gap Up – Time to Buy?

JOYY Inc. Sponsored ADR (NASDAQ:JOYY)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $54.42, but opened at $60.87. JOYY shares last traded at $61.56, with a volume of 162,905 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on JOYY. Zacks Research raised JOYY from a “strong sell” rating to a “hold” rating in a research note on Monday, May 11th. UBS Group started coverage on JOYY in a report on Wednesday, March 11th. They set a “buy” rating and a $80.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.67.

JOYY Price Performance

The firm’s 50 day moving average price is $58.96 and its 200 day moving average price is $62.02. The stock has a market capitalization of $3.21 billion, a P/E ratio of 1.64 and a beta of 0.42.

JOYY (NASDAQ:JOYY) last released its quarterly earnings results on Monday, May 25th. The company reported $1.11 EPS for the quarter. The business had revenue of $555.70 million during the quarter. JOYY had a return on equity of 3.93% and a net margin of 98.79%. On average, equities research analysts forecast that JOYY Inc. Sponsored ADR will post 4.79 earnings per share for the current year.

JOYY Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Wednesday, April 22nd were paid a $1.38 dividend. The ex-dividend date of this dividend was Wednesday, April 22nd. This represents a $5.52 dividend on an annualized basis and a yield of 8.6%. JOYY’s dividend payout ratio (DPR) is presently 14.09%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in JOYY. Stonehill Capital Management LLC bought a new position in JOYY in the 3rd quarter worth $80,885,000. Public Employees Retirement System of Ohio bought a new stake in shares of JOYY during the 3rd quarter valued at about $9,204,000. SG Americas Securities LLC increased its position in shares of JOYY by 1,336.8% during the fourth quarter. SG Americas Securities LLC now owns 75,015 shares of the company’s stock valued at $4,858,000 after buying an additional 69,794 shares during the period. China Universal Asset Management Co. Ltd. bought a new position in JOYY in the third quarter worth about $715,000. Finally, New York State Common Retirement Fund raised its stake in JOYY by 8.8% in the fourth quarter. New York State Common Retirement Fund now owns 138,555 shares of the company’s stock worth $8,973,000 after buying an additional 11,200 shares in the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Company Profile

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.