JOYY (NASDAQ:YY) Stock Price Up 8.4% – Time to Buy?

Shares of JOYY Inc. (NASDAQ:YY) were up 8.4% on Friday . The company traded as high as $40.14 and last traded at $40.00. Approximately 141,949 shares changed hands during trading, a decline of 71% from the average daily volume of 493,274 shares. The stock had previously closed at $36.89.

Analysts Set New Price Targets

A number of brokerages have issued reports on YY. JPMorgan Chase & Co. lifted their price target on JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Benchmark restated a “hold” rating on shares of JOYY in a research note on Thursday, August 29th.

JOYY Stock Up 10.8 %

The stock’s fifty day simple moving average is $36.31 and its 200-day simple moving average is $34.38. The company has a market capitalization of $2.20 billion, a PE ratio of 12.35 and a beta of 0.27.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Point72 Hong Kong Ltd boosted its position in JOYY by 22.3% during the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after acquiring an additional 552,082 shares during the last quarter. Krane Funds Advisors LLC boosted its holdings in shares of JOYY by 10.5% during the second quarter. Krane Funds Advisors LLC now owns 1,414,457 shares of the information services provider’s stock worth $42,561,000 after purchasing an additional 134,394 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in JOYY by 10.0% in the second quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock valued at $21,990,000 after purchasing an additional 66,474 shares during the last quarter. FMR LLC lifted its position in JOYY by 4.3% during the third quarter. FMR LLC now owns 678,551 shares of the information services provider’s stock worth $24,591,000 after buying an additional 28,126 shares during the period. Finally, Whitefort Capital Management LP boosted its stake in JOYY by 168.3% in the 3rd quarter. Whitefort Capital Management LP now owns 565,878 shares of the information services provider’s stock worth $20,507,000 after buying an additional 354,932 shares during the last quarter. 36.83% of the stock is owned by hedge funds and other institutional investors.

JOYY Company Profile

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.