JOYY (NASDAQ:YY) Trading Down 3.3% – Time to Sell?

JOYY Inc. (NASDAQ:YY) dropped 3.3% during mid-day trading on Friday . The company traded as low as $34.75 and last traded at $34.85. Approximately 141,123 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 478,364 shares. The stock had previously closed at $36.03.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on YY shares. JPMorgan Chase & Co. lifted their price objective on JOYY from $30.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reissued a “hold” rating on shares of JOYY in a report on Thursday, August 29th.

JOYY Price Performance

The business’s 50-day simple moving average is $35.04 and its two-hundred day simple moving average is $33.56. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 8.23 and a beta of 0.25.

JOYY (NASDAQ:YY) last announced its quarterly earnings results on Tuesday, August 27th. The information services provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.27. JOYY had a return on equity of 4.98% and a net margin of 9.53%. The firm had revenue of $565.13 million for the quarter, compared to analyst estimates of $556.82 million. Equities research analysts forecast that JOYY Inc. will post 3.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of YY. Canada Pension Plan Investment Board raised its position in shares of 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 acquiring an additional 66,474 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in JOYY by 10.5% in 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 in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in JOYY in the third quarter valued at approximately $725,000. Point72 Hong Kong Ltd lifted its stake in JOYY by 22.3% in the second quarter. Point72 Hong Kong Ltd now owns 3,022,665 shares of the information services provider’s stock valued at $90,952,000 after buying an additional 552,082 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of JOYY by 12.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock worth $79,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 36.83% of the company’s stock.

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.