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

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

Wall Street Analyst Weigh In

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

JOYY Stock Performance

The firm has a fifty day moving average of $36.31 and a 200-day moving average of $34.38. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 12.35 and a beta of 0.27.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Loomis Sayles & Co. L P acquired a new stake in shares of JOYY during the third quarter worth approximately $25,000. Atlas Capital Advisors LLC bought a new stake in shares of JOYY in the 2nd quarter worth about $29,000. Blue Trust Inc. raised its stake in shares of JOYY by 22,728.6% in the 2nd quarter. Blue Trust Inc. now owns 1,598 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 1,591 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of JOYY in the 2nd quarter valued at about $52,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 purchasing an additional 300 shares during the last quarter. 36.83% of the stock is 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.