JOYY (NASDAQ:YY) Stock Price Up 8.4% – Here’s What Happened

JOYY Inc. (NASDAQ:YY)’s share price was up 8.4% on Friday . The stock traded as high as $40.14 and last traded at $40.00. Approximately 141,949 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 493,274 shares. The stock had previously closed at $36.89.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of JOYY from $30.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, September 3rd. Benchmark reaffirmed a “hold” rating on shares of JOYY in a report on Thursday, August 29th.

JOYY Trading Up 10.5 %

The firm’s 50-day moving average price is $36.39 and its 200 day moving average price is $34.49. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.32 and a beta of 0.27.

Hedge Funds Weigh In On JOYY

Several hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its stake in JOYY by 12.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,634 shares of the information services provider’s stock worth $79,000 after acquiring an additional 300 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of JOYY by 1.7% during the 3rd quarter. Natixis Advisors LLC now owns 21,208 shares of the information services provider’s stock valued at $769,000 after purchasing an additional 352 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in JOYY by 5.7% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 7,751 shares of the information services provider’s stock worth $291,000 after purchasing an additional 421 shares in the last quarter. Loomis Sayles & Co. L P bought a new position in JOYY in the 3rd quarter valued at approximately $25,000. Finally, Geode Capital Management LLC grew its stake in shares of JOYY by 1.2% during the third quarter. Geode Capital Management LLC now owns 72,152 shares of the information services provider’s stock worth $2,615,000 after buying an additional 877 shares during the last quarter. Institutional investors 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.