JOYY (NASDAQ:YY) Upgraded by StockNews.com to “Buy”

JOYY (NASDAQ:YY) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

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

JOYY Trading Down 0.1 %

NASDAQ YY traded down $0.05 during mid-day trading on Friday, reaching $33.77. 348,239 shares of the company’s stock traded hands, compared to its average volume of 648,331. JOYY has a 1-year low of $24.12 and a 1-year high of $43.20. The company has a fifty day simple moving average of $32.32 and a 200-day simple moving average of $35.07. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 6.79 and a beta of 0.35.

JOYY (NASDAQ:YY) last posted its quarterly earnings data on Monday, March 18th. The information services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.13. The firm had revenue of $569.84 million for the quarter, compared to the consensus estimate of $572.51 million. JOYY had a net margin of 13.31% and a return on equity of 5.13%. During the same period in the prior year, the firm posted $0.49 EPS. Equities research analysts forecast that JOYY will post 3.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of YY. Mackenzie Financial Corp bought a new stake in JOYY during the fourth quarter worth approximately $4,466,000. Penserra Capital Management LLC bought a new stake in shares of JOYY during the 3rd quarter worth $406,000. New York State Common Retirement Fund grew its holdings in shares of JOYY by 29.3% in the 3rd quarter. New York State Common Retirement Fund now owns 108,343 shares of the information services provider’s stock worth $4,129,000 after acquiring an additional 24,537 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of JOYY by 67,358.5% during the third quarter. Canada Pension Plan Investment Board now owns 35,753 shares of the information services provider’s stock worth $1,363,000 after purchasing an additional 35,700 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 273,875 shares during the last quarter. 36.83% of the stock is owned by institutional investors and hedge funds.

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. 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.