JOYY (NASDAQ:YY) PT Lowered to $49.00

JOYY (NASDAQ:YY – Get Rating) had its price target dropped by analysts at Benchmark from $62.00 to $49.00 in a research note issued on Friday, The Fly reports. Benchmark’s price objective would indicate a potential upside of 69.96% from the stock’s previous close.

YY has been the subject of several other research reports. Citigroup cut their target price on JOYY from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, February 13th. CLSA reduced their target price on JOYY from $48.00 to $42.00 and set a “buy” rating on the stock in a report on Friday. TheStreet upgraded JOYY from a “d+” rating to a “c” rating in a report on Friday, December 9th. Finally, StockNews.com initiated coverage on JOYY in a report on Thursday. They set a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, JOYY currently has a consensus rating of “Hold” and an average target price of $44.00.

JOYY Stock Performance

YY opened at $28.83 on Friday. The firm has a market capitalization of $2.25 billion, a P/E ratio of 40.04 and a beta of 0.54. The stock’s 50 day moving average price is $34.17 and its two-hundred day moving average price is $30.84. The company has a quick ratio of 1.52, a current ratio of 1.52 and a debt-to-equity ratio of 0.07. JOYY has a 12-month low of $21.38 and a 12-month high of $47.23.

Hedge Funds Weigh In On JOYY

Several hedge funds have recently modified their holdings of YY. PNC Financial Services Group Inc. grew its stake in JOYY by 31.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,435 shares of the information services provider’s stock valued at $45,000 after buying an additional 343 shares in the last quarter. Desjardins Global Asset Management Inc. raised its stake in shares of JOYY by 4.5% during the fourth quarter. Desjardins Global Asset Management Inc. now owns 8,143 shares of the information services provider’s stock valued at $257,000 after acquiring an additional 350 shares during the last quarter. ETF Managers Group LLC increased its position in shares of JOYY by 4.6% during the third quarter. ETF Managers Group LLC now owns 9,990 shares of the information services provider’s stock valued at $260,000 after buying an additional 435 shares during the period. Franklin Resources Inc. grew its holdings in JOYY by 5.8% in the fourth quarter. Franklin Resources Inc. now owns 10,959 shares of the information services provider’s stock worth $346,000 after purchasing an additional 600 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in JOYY by 6.6% in the third quarter. Asset Management One Co. Ltd. now owns 9,708 shares of the information services provider’s stock worth $252,000 after purchasing an additional 603 shares during the period. Institutional investors own 42.31% of the company’s stock.

About JOYY

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JOYY, Inc engages in managing a communication social platform, which enables users to join real-time online group activities through voice, text, and video. Its services include music and entertainment, online games, online dating, live game broadcasting, online education, and advertising. It operates through following segments: Live Streaming, Online Games, Membership and Others.