JOYY (NASDAQ:YY) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of JOYY (NASDAQ:YY) from a hold rating to a buy rating in a report published on Friday morning.

Separately, Bank of America reissued a neutral rating and set a $35.00 price objective on shares of JOYY in a research note on Monday, March 25th.

JOYY Stock Performance

NASDAQ:YY opened at $33.77 on Friday. JOYY has a 52-week low of $24.12 and a 52-week high of $43.20. The stock has a fifty day moving average of $32.36 and a 200 day moving average of $34.96. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of 6.79 and a beta of 0.35.

JOYY (NASDAQ:YY) last released its quarterly earnings results on Monday, March 18th. The information services provider reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.13. JOYY had a net margin of 13.31% and a return on equity of 5.13%. The business had revenue of $569.84 million during the quarter, compared to analysts’ expectations of $572.51 million. During the same quarter in the previous year, the company earned $0.49 EPS. Equities analysts forecast that JOYY will post 3.57 earnings per share for the current fiscal year.

Institutional Trading of JOYY

Institutional investors have recently made changes to their positions in the stock. FMR LLC grew its stake in shares of JOYY by 497,089.5% during the 3rd quarter. FMR LLC now owns 2,709,683 shares of the information services provider’s stock valued at $103,266,000 after purchasing an additional 2,709,138 shares during the period. Acadian Asset Management LLC grew its position in JOYY by 18.9% during the third quarter. Acadian Asset Management LLC now owns 1,721,881 shares of the information services provider’s stock valued at $65,590,000 after buying an additional 273,875 shares during the period. Krane Funds Advisors LLC grew its position in JOYY by 14.3% during the third quarter. Krane Funds Advisors LLC now owns 1,393,184 shares of the information services provider’s stock valued at $53,094,000 after buying an additional 174,774 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in JOYY during the fourth quarter valued at approximately $4,512,000. Finally, Mackenzie Financial Corp purchased a new position in shares of JOYY during the 4th quarter worth $4,466,000. Hedge funds and other institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video-based social platforms. The company operates Bigo Live, a social live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a multiuser social networking platform that provides casual games; imo, an instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc.; and Shopline, a smart commerce enabler that provides an integrated omnichannel platform for merchants to create and grow brands online and reach customers.