Shares of JOYY Inc. (NASDAQ:YY – Get Free Report) rose 6.8% during mid-day trading on Wednesday . The company traded as high as $36.21 and last traded at $36.00. Approximately 634,210 shares traded hands during mid-day trading, an increase of 31% from the average daily volume of 483,016 shares. The stock had previously closed at $33.71.
Wall Street Analysts Forecast Growth
YY has been the topic of a number of recent research reports. Benchmark reaffirmed a “hold” rating on shares of JOYY in a research note on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on shares of JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Tuesday, September 3rd.
Check Out Our Latest Research Report on JOYY
JOYY Price Performance
JOYY (NASDAQ:YY – Get Free Report) last issued its quarterly earnings results on Tuesday, August 27th. The information services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.27. The firm had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. JOYY had a net margin of 9.53% and a return on equity of 4.98%. Research analysts anticipate that JOYY Inc. will post 3.4 earnings per share for the current fiscal year.
Hedge Funds Weigh In On JOYY
Several institutional investors and hedge funds have recently added to or reduced their stakes in YY. Jupiter Asset Management Ltd. acquired a new position in shares of JOYY during the first quarter valued at about $3,235,000. Canada Pension Plan Investment Board grew its position in JOYY by 10.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 730,800 shares of the information services provider’s stock worth $21,990,000 after purchasing an additional 66,474 shares in the last quarter. Krane Funds Advisors LLC grew its position in JOYY by 10.5% in the 2nd 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 in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in JOYY in the 3rd quarter worth about $725,000. Finally, Point72 Hong Kong Ltd grew its position in JOYY by 22.3% in the 2nd quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock worth $90,952,000 after purchasing an additional 552,082 shares in the last quarter. 36.83% of the stock is currently owned by institutional investors and hedge funds.
About JOYY
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.
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