Yalla Group (NYSE:YALA) Sets New 52-Week Low – Here’s What Happened

Yalla Group Limited Sponsored ADR (NYSE:YALA)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.23, with a volume of 329076 shares. The stock had previously closed at $5.19.

Yalla Group Stock Performance

The business has a 50 day simple moving average of $6.13 and a two-hundred day simple moving average of $6.61. The firm has a market capitalization of $771.68 million, a P/E ratio of 6.39 and a beta of 0.46.

Yalla Group (NYSE:YALA) last issued its quarterly earnings results on Saturday, February 14th. The company reported $0.21 earnings per share (EPS) for the quarter. The firm had revenue of $83.86 million during the quarter. Yalla Group had a return on equity of 18.03% and a net margin of 42.03%.

Yalla Group announced that its Board of Directors has initiated a stock repurchase plan on Monday, March 9th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to repurchase up to 13.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Yalla Group

A number of institutional investors have recently made changes to their positions in YALA. FIL Ltd purchased a new stake in shares of Yalla Group during the 4th quarter valued at $14,053,000. Barclays PLC grew its position in Yalla Group by 714.8% in the third quarter. Barclays PLC now owns 817,404 shares of the company’s stock worth $6,139,000 after acquiring an additional 717,084 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Yalla Group in the second quarter worth $2,810,000. OLP CAPITAL MANAGEMENT Ltd bought a new position in Yalla Group in the third quarter valued at $2,876,000. Finally, Canada Pension Plan Investment Board bought a new position in Yalla Group in the second quarter valued at $2,424,000. Institutional investors own 4.73% of the company’s stock.

About Yalla Group

Yalla Group (NYSE:YALA) operates a voice-centric social networking and entertainment platform designed to connect users through live audio chat rooms, interactive voice channels and mobile gaming. Its core product, the Yalla app, allows participants in the Middle East and North Africa (MENA) region to join real-time voice discussion groups, host audio shows and send virtual gifts. Through the PokerBROS brand, the company offers a mobile-first social poker platform featuring Texas Hold’em, Chinese Poker and other variants, enabling casual and competitive gaming among a growing user base.

Founded in 2016 and incorporated in the Cayman Islands, Yalla Group established its headquarters in Riyadh with additional offices in Dubai and Asia.